After reports that media moguls Tyler Perry and Byron Allen were interested in acquiring a majority stake in BET, Sean “Diddy” Combs looks to have entered the race to hold a controlling position as parent company Paramount Global explores asset sales.

The BET Media Group, headed by CEO Scott Mills, consists of BET, BET+, VH1 (which was added to the group during a restructuring at Paramount in November), and BET Studios.

According to Variety, a source close to Diddy asserts that the music legend is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”

According to a second person with knowledge of the situation, Diddy has indicated a desire to acquire BET but the businessman has yet to be in negotiations with Paramount to buy a controlling interest in the network Per the insider, numerous parties have indicated interest, Paramount is not currently in negotiations with anyone.

Furthermore, the acquisition would Diddy add to his recent business endeavors after the multi-hyphenate diversified from music into areas including fashion, film, and television production, drinks (such as Cîroc and DeLeón Tequila), including his recent venture into cannabis sales.

With such fierce known competition at the moment, it’s likely Diddy won’t land the deal. However, a source tells Variety that the music mogul is primarily interested in the network becoming a Black-owned company again, as he believes it’s “better for the business, for the culture, and for building wealth in the Black community.”

According to The Wall Street Journal, Paramount’s decision to consider sales of its assets comes as the entertainment giant looks to create revenue for its streaming service, Paramount Plus. The network is currently investing extensively in content creation as it moves into streaming, with the network expecting huge losses in that regard in 2023.