Axios Pro Exclusive Content

Sean "Diddy" Combs enters race for BET Group

Tim Baysinger
Mar 14, 2023

Sean "Diddy" Combs. Photo: Gabe Ginsberg/Getty Images for iHeartRadio

Sean "Diddy" Combs became the third known suitor for BET Group, joining Byron Allen and Tyler Perry.

Why it matters: Paramount's confidence that BET would garner significant interest has been rewarded.

  • There is still no word on a potential sale price — Paramount is looking to sell a majority stake of the group that includes BET, BET+, BET Studios and VH1.

Driving the news: A source close to Combs told Variety on Monday that he was "exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse."

  • Combs is best known for founding Bad Boy Records in the 1990s. More recently, he founded the music network Revolt in 2013, which reaches the same audience as BET.
  • Last week, both Tyler Perry and Byron Allen made their interest known.
  • However, a source familiar with the talks tells Axios that no formal deal talks have taken place yet.

The big picture: Paramount is looking to raise additional capital to spend on programming for its streaming services like Paramount+ and PlutoTV.

  • Paramount reported a $575 million loss for its streaming business during its most recent quarter.
Go deeper