Diddy is looking to buy BET. According to Variety, sources close to the Hip-Hop mogul say he's “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse."

However, the source did say that conversations around Diddy buying a majority stake in the network haven't happened as of yet. Per Variety, the insider says Paramount is not yet in talks with anyone at this point in the process. Tyler Perry, Byron Allen and Miami-based media company Group Black have also reportedly expressed interest in purchasing the network. Currently, BET Media Group includes BET, BET+, VH1 (which was moved under the group in a restructuring at Paramount last November) and BET’s production arm, BET Studios.

Diddy's current media interests include the multimedia company, Revolt, which he launched in 2013. His interest in BET is largely due to his desire to expand Black wealth. The insider told Variety that Diddy believes BET returning to Black ownership is “better for the business, for the culture and for building wealth in the Black community.”