Rapper Sean Combs joins growing list of possible bidders for Paramount’s BET

US rapper, music producer and record exec Sean Combs (aka Diddy) is among a growing list of potential bidders for Paramount Global’s BET division.

Sean Combs <br />(photo: Reckless Dream Photography via CC)

News of Combs’ reported interest comes a week after it emerged that Paramount Global is exploring the sale of a majority stake in the division, which houses assets including cable networks BET and VH1, streaming service BET+ and BET Studios.

Media mogul Tyler Perry, who already owns a minority stake in BET and produces a large slate of original shows for the BET cablenet and BET+, including House of Payne, Ruthless and The Oval, was the first potential suitor to emerge last week. Entrepreneur and filmmaker Byron Allen later joined the list of interested parties.

Combs already owns the US music-oriented digital cable television network Revolt, which he founded in 2013 alongside Andy Schuon, and the production company Revolt Films.

Variety was the first to report Combs’ interest, while the Wall Street Journal last week broke the news that Paramount Global was exploring a possible sale. If Paramount Global is to sell a majority stake in BET, the media company will likely look to retain a minority stake.

Paramount Global has implemented several cost-cutting measures in recent months, including the integration of Paramount+ and Showtime across linear and streaming in the US, as well as cancelling shows and restructurin.

In its fourth-quarter earnings, disclosed last month, the company had adjusted losses of US$575m in its direct-to-consumer (D2C) business. At the time, CEO Bob Bakish said its D2C side would hit “peak losses” this year, which he described as an “inflection point” on the path to profitability.