Sean “Diddy” Combs is looking to acquire a majority stake in Paramount’s BET businesses, which includes BET, VH1, BET Studios and the streaming service BET+, according to The Hollywood Reporter.
As previously reported, if a deal closes, Paramount is expected to maintain a minority stake in the business, as well as a commercial relationship. Scott Mills currently serves as BET’s CEO. In January, the company announced plans to merge its Paramount+ and Showtime businesses.
In addition to Diddy, possible buyers include BET partner and producer Tyler Perry, as well as Weather Channel owner Byron Allen.
Diddy is a longtime entertainment mogul, and continues to diversify his portfolio of music, fashion, drinks and TV ventures internationally. In 2013, Combs launched REVOLT Media & TV, the first Black-owned multiplatform cable music network, and has since expanded with new businesses like Empower Global formally Shop Circulate, Our Fair Share, Love Records and cannabis distribution by acquiring Cresco Labs.
In February 2023, he rebranded his parent company from Combs Enterprises to Combs Global.