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50 Cent Teams Up With Shaq and Kenya Barris in Bid to Buy BET
50 Cent is making a bid for BET.
Following reports that Diddy is interested in buying the network, another hip-hop mogul is reportedly throwing his hat in the ring. According to TMZ, 50 is joining Shaquille O’Neal and “Black-ish” creator Kenya Barris in an attempt to buy the network from Paramount Global.
The group is “making a massive push to strike a deal” and is ready to make an offer with backing from investment company CVC.
However, a deal is still far from being finalized. “It’s not a done deal, but they’re deep in it,” says a source.
50 has become a power player in television, thanks in part to his “Power” series for Starz. He split with the network last year and recently signed a multi-year deal with FOX.
The interest in acquiring BET continues to grow. Diddy, who currently owns REVOLT, has also expressed interest in buying the network, with the goal of creating a Black-owned global media powerhouse.
Media moguls Tyler Perry and Byron Allen are also in talks to acquire a majority stake of BET Media Group. Perry already owns a minority stake in BET+, BET’s streaming service.
Founded in 1980 by Robert Johnson, BET was the first national programming service primarily targeting Black viewers. Paramount Global, formerly Viacom, acquired BET in 2000 for $3 billion.