“As far as our business strategy, we’re in acquisition mode to really build a Black-owned media conglomerate,” Diddy told the outlet. “That’s why we were looking at BET and at a couple of other businesses.”
As previously reported by AFROTECH, Diddy was among the public figures looking to purchase a majority stake in the BET Media Group “to build a Black-owned global media powerhouse,” per Variety. In August 2023, Paramount announced that it was no longer interested in moving forward with bids for the sale.
However, it appears that Diddy is still hopeful that other BET bidders Tyler Perry and Byron Allen can join forces with him for another opportunity, according to Billboard.
“BET is definitely the mecca, the originator of Black media, and still is,” Diddy said.
“We’re not going to be able to reach our highest level of success in the media world, like a Rupert Murdoch, if we don’t unify,” he continued. “Like me, Tyler Perry and Byron Allen. We have a responsibility because it’s like 15 of us getting money, but 10 billion people in the world.”
During the course of the Billboard interview, Diddy also spoke on the state of the music industry, including its lack of diversity.
“We have some representation … Shout out and all due respect to everybody that’s in power,” he said. “But [for most people], there’s still somebody over them, a white man that they have to get permission from to do something. And it’s always been the same, no matter what the industry.”
He continued, “…Diversity isn’t about inclusion; diversity is about sharing power. And nothing has changed. It’s gotten worse.”
Earlier in September, Diddy took action himself in the music industry. As previously shared by AFROTECH, he reportedly declined a nine-figure deal for Bad Boy Records’ entire portfolio and instead is giving his label’s former artists their publishing rights back. The move was said to be Diddy’s way of empowering artists and enriching his community, with hope for fellow top music executives to follow suit.