Diddy has announced that he wants to bring BET back into the hands of Black owners, but that’s just the beginning of his vision for the network.
As reported earlier this week, the Bad Boy boss is “exploring the opportunity” to buy a majority stake of BET Media Group, which owner Paramount Global is reportedly looking to selling.
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Run by CEO Scott Mills, BET Media Group includes BET, BET+, VH1 — which was moved under the group as part of restructuring at Paramount last year — and BET’s production arm, BET Studios.
Puff faces stiff competition, though, with fellow media moguls Tyler Perry and Byron Allen also in the race.
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While Variety reported that “Paramount is not yet in talks with anyone at this point in the process” and is simply fielding interest, Diddy further stated his intent to purchase BET in a series of tweets on Wednesday (March 15).
“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!!!!”
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
Puff also shared a video of Earn Your Leisure podcast co-host, Rashad Bilal, detailing a recent phone call he had with Diddy in which he laid out his plans for owning BET.
“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 says in the clip. “I called him. And I said, ‘What does this really mean? Be honest with me.’
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“And 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.”
He continues: “What does that look like if they all come together at a roundtable and own an already viable media company? 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?
“We need more than just one. Earn Your Leisure is not competition for BET, and BET is not competition for Earn Your Leisure. Together, we grow — not separately.”
“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,” Diddy added in his caption.
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! #THETIMEISNOWpic.twitter.com/cwVP34uV5X
— LOVE (@Diddy) March 15, 2023
If his bid is successful, BET would become just the latest prized possession in Diddy’s business empire, which already includes the REVOLT media network, the liquor brands Cîroc and DeLeón Tequila, the recently-launched R&B label Love Records and, of course, Bad Boy Entertainment.
The 53-year-old was officially declared a billionaire in October 2022, becoming just the third Hip Hop figure to achieve the feat following JAY-Z and Kanye West (who has since lost the title thanks to adidas terminating their lucrative Yeezy partnership).
