Former Bad Boy CEO, Diddy says he wants BET to become a black-owned asset as he confirms reports that he is among several buyers who have expressed interest in buying BET. Earlier this week, reports surfaced that Tyler Perry, Byron Allen, and Diddy all expressed interest in buying the majority stake of BET Media Group.
There are unconfirmed reports that the BET, which is owned by Paramount Global, is looking to sell the company. The BET Media Group holds BET, BET+, VH1, and BET Studios (production). On Wednesday evening, Diddy shared a message on his Instagram account where he confirmed earlier reports by Variety that he was putting his hat in the ring own such a powerful asset.
“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!” Diddy said in a screenshot posted to his Instagram feed.
He added, “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!!!!”
It’s unclear if Diddy was successful in winning his bid, as he spoke in the present tense as if he already owned and was structuring the business.
“I’m building a team of leaders in the culture to BET+ pursue ownership in @BET together! We have to unify our power and resources to create real change! #THETIMEISNOW,” he said.
Diddy also challenges other influential black businessmen and women to unify in ownership of companies like BET.
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!
— LOVE (@Diddy) March 15, 2023
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!!!!
— LOVE (@Diddy) March 15, 2023
Black Entertainment Television (BET) was founded by Robert L. Johnson in 1980 and successfully produced many shows that became iconic in African American culture. The network was sold in 2001 to Viacom for $3 billion as it lost its status as black-owned and leading to fans of the network becoming disappointed with the sale and later the content on the show, which was blamed for being “degrading” to black people because of the types of shows and music promoted.
Diddy is already a co-owner of Revolt TV, a music-oriented media company he launched in 2013 with business partner Andy Schuon. The company hired Detavio Samuels as its new CEO in 2021. Acquiring BET Network would further bolster the music mogul’s foothold in the black media space and reveal that he wants the network to be black-owned again.
If successful, BET would be the latest addition to the billionaire hip hop mogul’s business empire. In addition to his Bad Boy Entertainment, Diddy already has ownership stakes in Cîroc, DeLeón Tequila, and his recently launched Love Records.
Diddy shared a clip of Rashad Bilal, co-host of Earn Your Leisure podcast, sharing what he learned from a conversation with the Bad Boy rapper/producer.
“We’re good friends with the people at REVOLT, so when I heard Diddy was actually looking [to buy BET], I said, ‘Okay, let me dig a little further,'” Bilal shared on the podcast. “I called him. And I said, ‘What does this really mean? Be honest with me. He gave me a play, and what he told me was something that was actually pretty impressive where his plan — Diddy’s plan — is not to buy it individually, not to control it individually; it’s actually to put together a supergroup of the top Black people. Everybody that you would probably think of in the world of sports, entertainment, business.”
I’m building a team of leaders in the culture to pursue ownership in @BET together! We have to unify our power and resources to create real change! #THETIMEISNOW pic.twitter.com/cwVP34uV5X
— LOVE (@Diddy) March 15, 2023
“What does that look like if they all come together at a roundtable and own an already viable media company?” Bilal continues. “That already has major distribution, that already has millions of dollars in ad revenue, that already has programming. What does that look like for us to really have scripted shows that aactually are beneficial? To have news that’s actually truthful? To highlight people that’s actually doing real things on a massive level?”
Bilal later added that his podcast Earn Your Leisure and BET are not competitors in the media space.
