Diddy is intent on expanding his already expansive entertainment empire, after news surfaced on March 13 that he has expressed interest in purchasing a majority stake in BET after the network went up for sale.
According to Variety, Diddy is exploring the opportunity to purchase BET as a strategy to grow a Black-owned global media powerhouse.
Diddy is already the owner of Revolt, which launched in 2013. The network has developed over the years into a multimedia company that has short and long-form programming that is deeply rooted in hip-hop culture. Revolt currently has reached roughly 80 million households.
A source told Variety that Diddy wants BET to return back to being a Black-owned brand, which he believes is “better for business, for the culture, and for building wealth in the Black community.”
Earlier in March 2023, it was reported that both Tyler Perry and Byron Allen expressed interest in acquiring the network as well. Variety confirmed that Perry is in talks to acquire the network, and a spokesperson for Allen stated that the Allen Media Group founder is also “interested in buying BET, and he will be pursuing the acquisition of the network.”
According to The New York Times, Group Black, a media company in Miami run by Black executives put in a bid with CVC Capital Partners. Group Black executive Travis Montaque has begun reaching out to prominent Black businesspeople and artists to team up.
