Earlier this week, Bad Boy Records founder Sean “Diddy” Combs expressed interest in purchasing BET network. Variety reports that the mogul is exploring the opportunity as part of his strategy to build a Black-owned global media powerhouse.
As Variety notes, Diddy has already launched Revolt, which grew into a multimedia company that produces both linear and digital long-form series and short-form programming that’s deeply rooted in hip-hop culture. The network has reached roughly 80 million households.
Sean “Diddy” Combs
Sean “Diddy” Combs has joined the race to buy Paramount Global’s BET network, according to Variety. The head of Bad Boy Records is in the race against media heavyweights like Tyler Perry and Byron Allen to acquire a controlling share in the network.
The move is part of Combs’ strategy to build a Black-owned media powerhouse, sources say. He wants to enlist a collective of high-powered Black businesspeople and entertainers to make the deal a reality.
Besides being a music mogul, Diddy also has a knack for giving back to the community. He co-founded Capital Prep Harlem, a school in Harlem that sends 100% of its low-income first-generation students to college.
The rapper also recently hosted a coronavirus relief fundraiser for frontline workers in Miami. He passed out $50 bills to residents and wore a face shield to protect himself from the virus.
Paramount Global
In the midst of changes within the media landscape, Paramount Global (formerly known as Viacom) is exploring the possibility of offloading a controlling share in BET Media Group. This encompasses the cable network and studio BET, along with VH1 and the streaming platform BET+.
The move would allow the company to shore up resources for its flagship Paramount+ streaming service and free ad-supported Pluto TV.
It also could help the parent of CBS, MTV and Nickelodeon shore up its balance sheet in an environment where it expects peak losses in streaming this year. They have been actively seeking ways to raise funds, including an endeavor to sell the publisher Simon & Schuster.
Among the contenders for the purchase is actor and producer Tyler Perry, who has an overall deal with Paramount to create shows for the studio and owns a minority stake in Paramount’s Black-centric streaming service, BET+. Perry is reportedly in talks with Paramount about buying the network, and fellow media mogul Byron Allen has also expressed interest in taking it over.
REVOLT TV
In the ongoing saga of BET’s ownership, the latest development reveals that music mogul Sean “Diddy” Combs is actively considering the chance to acquire a majority stake in the network, as reported by Variety. He joins a crowded field of possible buyers that includes film juggernaut Tyler Perry and media mogul Byron Allen, as Paramount Global seeks to sell its stake in BET Media Group, which includes the BET network, VH1, and production arm BET Studios.
Diddy is a long-time BET supporter, and his REVOLT TV network, which launched in 2013, is aimed at hip-hop culture. REVOLT’s multi-genre, multi-platform network offers breaking music news, videos, artist interviews, exclusive performances and original programming.
REVOLT’s Black-owned Peachtree headquarters produces content across alternative formats including a weekly news show dubbed REVOLT Black News Weekly, and long form documentaries. The network also provides reoccurring specials that uplift the Black community. REVOLT’s mission is to bring awareness to issues impacting the Black community through unbiased information introduce insightful content.
Tyler Perry
There is a bidding war underway for Paramount Global’s BET Media Group. It includes cable networks BET and VH1 as well as online streaming service BET+.
Byron Allen, owner of Entertainment Studios and the Weather Channel, is also considering a bid for BET. But sources say his discussions are still in the early stages and he may need to buy some minority stakes first before acquiring the whole company.
Tyler Perry, meanwhile, has an overall deal to produce movies for Paramount and owns a minority stake in BET+. He has also produced many of the films that have been broadcast on BET and streamed on its sister service, according to Variety.
Buying the network would allow Perry to control content distribution, increase the number of Black owners in the entertainment industry and bring a larger share of advertisers to BET. But it could have some downsides, too. For instance, streaming services are struggling. Plus, if Perry acquired BET, he might have to give up his stake in the company’s two-year-old streaming service, Paramount+.
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