Sean “Diddy” Combs recently confirmed to media reports on Wednesday that he is ending affiliations with BET Networks, which is in the early stages of being acquired by parent company Paramount Global.
Combs will join other interested parties in a sale of Paramount assets (including BET’s Linear Networks, BET+, BET Studios and VH1) and will join fellow moguls Tyler Perry and Byron Allen, both of whom are also throwing their hats in the ring threw.
“It’s time for @BET to be back in Black hands so we have the power to tell our own stories and control our own history! It’s not about me, it’s about US!!!!” Combs wrote on Instagram today, accompanying a post with a clip from an Earn Your Leisure podcast discussing the topic.
“I’m building a team of cultural leaders to collectively take responsibility for @BET!” Combs wrote. “We must join forces and resources to bring about real change! #NOW IS THE TIME
BET, or Black Entertainment Television, was founded in 1980 by Robert Johnson, the first cable channel to cater to a black audience. It was acquired by Viacom in a $3 billion deal in 2001.
Earlier this month, Paramount Global announced it was considering selling a majority stake. Perry, already a partner at BET+, has spoken with Paramount about the increased ownership, Allen believes. Diddy’s interest surfaced earlier this month, but not the full rationale he gave today.
BET Media Group’s valuation continues to come into focus during discussions, but revenue last year was about $1.5 billion. While Paramount recently rejected a $3 billion unsolicited bid for Showtime, it is also moving forward with plans to fire publisher Simon & Schuster after an announced sale to Penguin Random House was blocked by regulators.
The asset sale will help Paramount further finance its streaming ambitions and reduce costs, CEO Bob Bakish said.
Combs, the music mogul and entrepreneur, received the BET Awards’ Lifetime Achievement Award last year. The Grammy-winning rapper founded Bad Boy Records, which spawned the likes of Notorious BIG, Lil Kim and Junior Mafia, and also fueled the careers of Usher and Mary J. Blige.
He also launched the cable channel Revolt TV 10 years ago as a cable television exposure offering for Black-owned programming. Its co-founder was Andy Schuon, a senior programmer at MTV and VH1 in the 1990s. It has not quite lived up to its initial ambitions, but remains active.
The actor, producer and entrepreneur also founded the fashion label Sean John and is behind premium spirits such as Cîroc Vodka.
Jill Goldsmith contributed to this report.
Source: Deadline
Joseph Fearn is an entertainment and television aficionado who writes for The Fashion Vibes. With a keen eye for what’s hot in the world of TV, Joseph keeps his readers informed about the latest trends and must-see shows.
