UPDATED 3/15, 9:17 p.m. ET: It’s confirmed—Diddy is vying to purchase BET.

The Bad Boy boss announced his decision via Instagram on Wednesday, shortly after it was reported that Paramount Global was exploring sale options. 

“Media is the most powerful industry in the world but it’s the industry where we have the least amount of ownership, influence and control!” Diddy wrote. “It’s time for @BET to be Black-owned again so we have the power to tell our own stories, control our own narrative! This is not about me it’s about WE!!!!”

The post also included a clip from the Earn Your Leisure podcast, where host Rashad Bilal underscored the importance of media and Diddy’s plan to purchase the network. Bilal said the mogul intended to build a “super group” of BET owners who came from various industries, including sports, business, and entertainment. That team would share ownership of BET and use their resources and knowledge to take the network to another level.

“We have to unify our power and resources to create real change!” Diddy continued. “#THETIMEISNOW.”

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A handful of bigwigs are reportedly competing to purchase BET from Paramount Global.

According to Variety, Diddy is among those who wants to buy a majority stake in BET Media, which includes BET, BET+, VH1, and BET Studios. An insider told the publication that Diddy is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”

However, according to a second source, Paramount isn’t currently in talks with Diddy or anyone else about acquiring the network. Tyler Perry and Byron Allen have also reportedly expressed interest in purchasing a majority stake in BET.

Diddy is apparently interested in merging  BET and his own network, Revolt. An insider told Variety that the 53-year-old wants BET to once again be Black-owned, which he thinks is “better for the business, for the culture and for building wealth in the Black community.” 

In addition to Revolt, which he started in 2013, Diddy has also expanded his repertoire beyond music to include film, television production, fashion, spirits, and marijuana.

News that Perry wanted to acquire BET came last week, shortly after a Wall Street Journal article revealed that Paramount Global wanted to sell the network. Perry already owns a minority stake in BET and also produces a lot of the programs that air on BET and BET+. In addition to Allen, the Group Black, a media company based in Miami, also is looking into purchasing BET.

“The decision to consider selling a majority stake of the assets, which cater primarily to Black audiences, is part of the entertainment giant’s effort to shore up resources to bolster its flagship Paramount+ streaming service and its advertiser-supported free streaming platform Pluto TV, some of the people said,” per the WSJ.