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Diddy wants to bring BET back into the hands of Black owners, as his vision for the network.
Diddy is “exploring the opportunity” to buy a majority stake of BET Media Group, which includes BET, BET+, VH1 (which was moved under the group as part of restructuring) and BET’s production arm, BET Studios.
Diddy, however will have to face off against fellow media moguls Tyler Perry and Byron Allen.
“Media is the most powerful industry in the world but it’s the industry where we have the least amount of ownership, influence and control!” he wrote. "It’s time for @BET to be Black-owned again so we have the power to tell our own stories, control our own narrative! This is not about me it’s about WE!!!!”
Tyler Perry, is in talks with Paramount Global to acquire a majority stake in its BET. In 2000, Viacom (now Paramount) purchased the BET Network for $2.3 billion. Currently, Perry owns a minority stake in the company, which includes BET and VH1, as well as producing content on BET and the streaming service BET+, which he helped launch in 2019. If Tyler Perry acquires ownership of BET, he will gain control over a widely distributed cable channel, which gives him expansion into the media space.
Bryon Allen, who owns the Weather Channel, is also in talks to acquire a majority stake in the company and if a deal closes, Paramount expects to maintain a minority stake in the business, as well as a commercial relationship.
BET Studios' minority shareholders include producers Kenya Barris and Rashida Jones.