Sean "Diddy" Combs enters race for BET Group
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.