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Diddy Enters Race To Buy BET: Report

Author Autumn Hawkins
CANNES, FRANCE - MAY 22: Sean Combs attends the 'Killing Them Softly' Premiere during 65th Annual Cannes Film Festival at Palais des Festivals on May 22, 2012 in Cannes, France.

Sean “Diddy” Combs has reportedly entered the race to buy BET Networks. Variety reports that the Bad Boy Records mogul is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” Tyler Perry and Byron Allen have already expressed interest in purchasing the majority stake in the media empire. BET Media Group includes BET, BET+, VH1, and BET Studios from Paramount Global.

While Combs, Perry, and Allen have expressed interest, the publication reports that no one has met with Paramount to purchase the majority stake. In fact, Paramount is not in talks with anyone yet.

A source close to Combs shared what it means for the global music icon to have BET be Black-owned once again. “[It’s] better for the business, for the culture, and for building wealth in the Black community.” He added that if he were to purchase he claims he would, “enlist a collective of high-powered Black businesspeople and entertainers to further build it up.”

Diddy currently owns and operates REVOLT which he launched in 2013. The multimedia company is rooted in hip-hop culture and produces long-form and short-form programming. Their roster includes original series such as Revolt Black News, Drink Champs, City Girl’s Yung Miami’s Caresha Please, and many more.

Combs also has a history with Paramount Global. He produced three iterations of Making the Band between 2002 and 2009. Paramount Global, formerly Viacom,  bought BET in October 2000 for $2.34 billion. Its founder Robert L. Johnson, became the first Black billionaire in the United States after the deal went through.

Diddy: All The Businesses He Owns

  • Bad Boy Records

    Bad Boy Records was founded in 1993 by Diddy. It has since been a staple in hip-hop for over 20 years and has helped cultivate the careers of Notorious B.I.G., Faith Evans, Mary J. Blige, Usher, Mario Winans, New Edition, Danity Kane, and many more. Some artists currently on their roster are two of Diddy’s sons Quincy Brown and Christian “King” Combs, as well as Cassie, French Montana, and himself.

  • Capital Prep Harlem

    Diddy is a proud Harlem native and one of his newest business ventures has been giving back. The rapper co-founded Capital Prep Harlem with Dr. Steve Perry in 2015. Perry founded Capital Prep Magnet School, located in Hartford, CT, in 2005 and was later implemented in Harlem. Capital Prep Harlem offers students an elite education starting from grade six all the way to their senior year of high school. Since this model was founded in Hartford, Connecticut in 2005, it has sent 100% of its predominantly low-income first-generation graduates to college.

  • Combs Wines & Spirits (Cîroc Ultra Premium & Deleón Tequila)

    https://www.instagram.com/p/CjHIPGKjaeU/?hl=en

    Under Combs Wines and Spirits, Diddy has partnered with Diageo’s Cîroc and Deleön Tequila. Diddy handles the marketing for Cîroc Ultra-Premium Vodka and co-owns Deleön Tequila since 2013 and 2014 respectively.

  • Sean John

    SEAN JOHN

    No Description

    Sean John is Diddy’s fashion and lifestyle brand that launched in 1998. The brand is a staple in hip-hop fashion having created major fashion moments with velour tracksuits, baggy jeans, oversized shirts and terrycloth headbands. In 2021, Diddy got his brand back in a $7.55 million bid at an auction to save Sean John from bankruptcy. In a written statement to Forbes, Diddy said, “I launched Sean John in 1998 with the goal of building a premium brand that shattered tradition and introduced Hip Hop to high-fashion on a global scale. Seeing how streetwear has evolved to rewrite the rules of fashion and impact culture across categories, I’m ready to reclaim ownership of the brand, build a team of visionary designers and global partners to write the next chapter of Sean John’s legacy.”

  • REVOLT TV & Media/ REVOLT Films

    REVOLT TV & Media is a “multi-genre, multi-platform network offers breaking music news, videos, artist interviews, exclusive performances, and original programming,” the site reads. The company primarily focuses on hip-hop culture and entertainment with the tagline “unapologetically Black.” REVOLT Films is a subsidiary of the aforementioned company which focuses on production. REVOLT Films produced UNDEFEATED, which won an Academy Award for Best Documentary Feature in 2012, and DOPE which was nominated for the Grand Jury Prize at The Sundance Film Festival in 2015. According to the site, the production company currently has six feature film projects and three TV programs in various stages of development.

  • AQUAhydrate

    https://www.instagram.com/p/CdgSSA0OQom/

    AQUAhydrate is a lifestyle beverage company where Diddy is an active investor and board member. The beverage company differs from the average water bottle you might pick up as it is “supplemented with all natural electrolytes and trace minerals and then elevated to an alkaline pH of over 9 using electrolysis,” the site reads. Actor Mark Wahlberg also sits on the board alongside Diddy.

Autumn Hawkins is the National Hip-Hop and R&B writer for Beasley Media, currently residing in New Jersey. Prior to working at Beasley Media, she was in broadcast news as an entertainment producer. When she's not impatiently waiting for Beyoncé to drop new music, she is reading, shopping, or planning a vacation.

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