Media mogul Tyler Perry is reportedly in negotiations to acquire a controlling stake in BET Media Group, as per The Hollywood Reporter. This would allow Perry to own the network that airs his movies, TV shows and live plays.
The move comes as parent Paramount Global PARA -2.43%decrease; red down-pointing triangle is exploring a sale of its BET division, which includes the network and streaming service. Insiders tell THR that Perry is one of the prospective buyers.
Paramount Global considers selling majority stake in BET Media Group.
Paramount Global explores selling majority stake in BET Media Group, including BET, VH1, and BET+ streaming service. The company believes the Black culture and community focused brand may be especially valuable to a consortium of wealthy Black individuals or institutions, sources said.
BET was founded in 1980 by former cable lobbyist Robert Johnson as a channel specifically catered to African American audiences. In 2000, it was acquired by Paramount for $2.3 billion.
The move would give Paramount Global added cash to spend on programming for its ad-supported streaming service, Paramount+, and Pluto TV. It also could help the studio in its plans to merge its Paramount+ and Showtime streaming services later this year, according to The Wall Street Journal.
Perry has a long history with BET and Paramount, as the companies partnered to fund his 2005 feature “Diary of a Mad Black Woman.” He currently owns a minority stake in both the streaming service and studio. He has a strong working relationship with BET CEO Tom Mills and Paramount Global president Bob Bakish.
Perry Interested in Buying Majority Stake
The BET empire is a veritable buffet of talent. The group has an impressive portfolio of content including live events, broadcast television, digital content and merchandising. It also boasts an enviable client base that includes top names in the industry, such as Disney, CBS and Comcast, to name but a few. Its marquee properties include its cable network, HBO; its television and digital music divisions; and its ad agency, which ranks among the best in the business. Its ad budget is a staggering $1 billion. The company also runs a number of successful consumer brands, including MTV, VH1, BET and Paramount. As the group continues to grow and evolve, the team is hard at work on its latest and greatest. Managing partner and senior vice president of legal affairs, Steve Cherry, has been a part of the group since its inception in 2006. In recent years, his oeuvre has seen him handling numerous high-profile productions including the ol’ Hulk and the “Hungry Games” prequel.
Byron Allen Interested in Buying Majority Stake
Actor, filmmaker and media mogul Tyler Perry is reportedly interested in purchasing a majority stake of BET Media Group, according to The Wall Street Journal. It comes after parent company Paramount Global was said to be exploring a sale of the asset.
Perry has a minority stake in BET Media, encompassing BET, VH1, and BET+ streaming (launched in 2019). He also supplies a large portion of scripted content for both the network and the streamer.
He’s worked with BET for over 6 years, producing many of his films and TV shows on the network. In 2019, he helped launch the BET+ streaming service.
Byron Allen, the billionaire founder of Allen Media Group, is also said to be interested in buying the network. Allen is no stranger to the TV and streaming business; he acquired theGrio last year and controls local television stations through his Entertainment Studios firm.
Other Potential Buyers
According to reports, actor and producer Tyler Perry is in the running for a majority stake in BET. Should the deal go through, the entertainment mogul would own one of the largest and most successful media outlets in the world.
Paramount Global is reportedly selling a majority stake in BET Media Group, including VH1 and BET+ streaming service. It is rumored that Perry has entered into discussions to purchase the entity, though a representative for Perry told THR it’s too early to say whether he will actually make a bid.
Byron Allen, who controls The Weather Channel and a handful of local TV stations among other media holdings, is also in the running for a stake in BET, though it’s unclear how much interest he has in the network. If he does buy it, it will give him two largescale cable networks to add to his growing portfolio as well as a powerful streaming platform that could be a major asset in the future.