Diddy and Tyler Perry enter into race to buy BET network

Rapper, and entertainment mogul, Diddy has joined Tyler Perry and Byron Allen to express interest in buying Black Entertainment Television (BET)

The move comes amid reports that Paramount Global is putting the company up for sale.

Variety reported on Monday (March 13) that “sources” close to the Bad Boy mogul say he’s “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”

However, another source added he’s not yet in talks with Paramount about it – though the company reportedly isn’t in talks with anyone yet, including the two others who expressed interest in the sale, Tyler Perry and Byron Allen.

Diddy already owns the REVOLT network, a multimedia company launched in 2013 that produces television and digital long-form series. The channel currently reaches 80 million households and has 42 programs on their slate, including Yung Miami’s Caresha Please, N.O.R.E’s Drink Champs and Jim Jones’ Weather Report.

According to the report, Diddy is most interested in BET’s return to being a Black-owned brand, which he believes is “better for the business, for the culture and for building wealth in the Black community.”

Tyler Perry currently owns a minority stake in BET, and has also had a longstanding relationship with the network. According to The Wall Street Journal, the sale is reportedly being made in an effort to put more resources into Paramount+ and Pluto TV.