ATLANTA — Sean “Puffy” Combs is the latest big name to throw his name in the race to buy BET.
He now joins Atlanta media mogul Tyler Perry and The Weather Channel owner Bryon Allen who are looking to buy a majority stake in BET Media Group.
The group of TV networks also includes VH1 and BET+.
A source close to Combs told Variety Magazine that the record executive turned multi-industry entrepreneur is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”
Another source told the magazine that “while Combs has expressed interest in acquiring BET, he is not yet considered to be in talks with Paramount to purchase a majority stake.”
TRENDING STORIES:
- Ex-Clayton County Sheriff Victor Hill learns federal prison sentence for civil rights violations
- Buffalo Wild Wings has hilarious response to lawsuit claiming boneless wings aren’t wings
- 11-year-old girl shot and killed by stray bullet that flew through bedroom window in Spalding County
Variety said Combs “has a longstanding relationship with Paramount Global, dating back to his days with MTV, where he produced three iterations of ‘Making the Band’ between 2002 and 2009, which were a major success for the network.”
Perry also has ties with the network. He is currently a minority stakeholder in the network and also helped launch BET+ in 2019.
His history with BET dates back to 2005 when the network helped fund his first feature film, “Diary of a Mad Black Woman.” A number of Perry’s television series are also featured on the network.
“Allen acquired the Black News Channel for $11 million, which joins The Weather Channel along with digital outlets such as Local Now, HBCU GO and TheGrio. Allen Media Group has also invested over $1 billion in the last 3 years to acquire 27 ABC, NBC, CBS and Fox affiliates,” Variety reported.
IN OTHER NEWS:
This browser does not support the video element.