A new bid to acquire the Black Entertainment Television (BET) network has emerged, as 50 Cent, Shaquille O’Neal, and Kenya Barris have joined forces with Group Black, CVC Capital Partners, and Authentic Brands Groups. They are now competing against Tyler Perry, Diddy, and Byron Allen in the race to acquire BET.
Updated By: Chris Samuel (5/8/23 at 6:10 pm)
BET Networks’ Acquisition Bid
The consortium of 50 Cent, Shaquille O’Neal, Kenya Barris, Group Black, CVC Capital Partners, and Authentic Brands Groups have teamed up to acquire the Black Entertainment Television (BET) network. The group is competing against other celebrities like Tyler Perry, Diddy, and Byron Allen, who also want to acquire the network.
Paramount’s Stake In BET Media Group
Paramount, the parent company of BET, is looking to divest its entire BET Media Group. This includes the namesake linear channel, VH1, BET+, BET spinoff channels, and production arm BET Studios. The sale of this media group would provide Paramount with much-needed cash to invest in its most crucial asset, Paramount+.
BET currently needs to provide more new content to Paramount+.
BET has made many changes over the years, canceling several well-liked TV shows that are missed by fans. On the other hand, the popular morning show The Breakfast Club now airs its episodes on BET.
50 Cent has been slowly taking over the TV industry and recently bought a warehouse to start G-UNIT studios, where he will film his highly-anticipated TV projects.
Diddy Enters The Race To Purchase Majority Stake In BET Networks
Diddy entered the race to bid for BET Networks. If the business mogul were to add BET ownership to his arsenal, the business mogul would be on track to build his “Black-owned global media powerhouse,” including his network Revolt TV.
Diddy Considers Buying BET
In March 2023, the “Gotta Move On” artist entered the bidding war to purchase BET alongside Tyler Perry and Byron Allen, who also want to buy the network from Paramount. According to reports, sources around the Bad Boy founder said he is “exploring the opportunity” as a part of his mission to become a “Black-owned global media powerhouse.”
Paramount Not Talking To Anyone—Yet
That same month, Paramount responded, saying there wasn’t a discussion with Diddy or any other candidate about purchasing BET.
Diddy owns many products and brands, including a second label besides Bad Boy Records, and announced Love Records in 2022. The entrepreneur also owns another TV network, Revolt TV, which also airs Yung Miami’s show, Caresha, Please.
Diddy also became the first rap music billionaire in 2011.
Diddy To Create Black-Owned Cannabis Company
In 2022, the rap mogul invested in cannabis locations in New York, Massachusetts, and Illinois — making him the largest Black-owned cannabis operation in the U.S. Diddy is known to be a successful businessman outside of his music career.
Originally Written By: Kendall Parks (3/14/23 at 3:37 pm)