According to the Hollywood Reporter, Sean “Diddy” Combs appears to be the top candidate in negotiations to acquire a majority stake in Paramount’s BET businesses.
The announcement coincides with a significant reorganization at Paramount, which aims to concentrate its resources on its streaming service Paramount+ and the Pluto TV, which is financed by advertisements. Moreover, the outfit attempted to sell Simon & Schuster, its book publishing division, to Penguin Random House, but the transaction failed due to regulatory issues. In the future, Paramount will continue to look to sell S&S.
As previously reported, if a deal closes, Paramount is expected to maintain a minority stake in the business, which includes BET, VH1, BET Studios and the streaming service BET+, as well as a commercial relationship.
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.
