BET as Paramount Global evaluates selling it. What's more, Byron Allen is equally keen to acquire the network.
Billionaire media magnates Tyler Perry and Byron Allen are in the running to buy the lion's share of BET Media Group, with rumors swirling that current owner Paramount Global has put it up for sale.
Variety has verified that negotiations are underway between Perry and the network for a possible acquisition. Concurrently, a representative of Allen announced that the creator of Allen Media Group is also “interested in buying BET, and he will be pursuing the acquisition of the network.”
Perry's portfolio currently contains a small portion of the business run by CEO Scott Mills, featuring networks BET and VH1. Not only did he craft an extensive-ramming available on BET, but he also played a significant role in launching streamer BET+ in 2019. In addition to its many other divisions, BET has the production company BET Studios. Through this enterprise, Kenya Barris, Rashida Jones, and Aaron Rahsaan Thomas serve as minority stakeholders.
Perry and BET have been allies for a long time, ever since the network generously contributed to his debut feature film "Diary of a Mad Black Woman" in 2005. In 2017, Perry embarked on an extended film contract with Paramount that went into effect in May 2020. Perry, Paramount Global president and CEO Bob Bakish, and BET's Mills have all reaped the rewards from their lucrative collaboration.
Tyler Perry's impressive portfolio of TV shows is available to watch on BET and BET+, such as "House of Payne," “Sisters,” “The Oval,” “Ruthless,” "Zatima," and the comedy-drama series "Assisted Living." Experience them all now!
On Monday afternoon, a spokesperson for Allen's 2022 acquisition of the Black News Channel for $11 million entered the scene. In Allen's impressive portfolio, this joined The Weather Channel and digital outlets such as Local Now, HBCU GO, and TheGrio. During the past three years, Allen Media Group has committed over $1 billion to purchase ABC, NBC, CBS, and Fox affiliates totaling 27.
As reported in a Monday article from The Wall Street Journal, which was the first to break this news, Paramount Global is reportedly interested in selling off 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.”
In 2021, Paramount declared its intention to meld the two Showtime platforms – streaming and linear channels - into one brand: Paramount+. The transition has significantly impacted several company departments, prompting leadership adjustments and job losses. By consolidating its services under this umbrella, Paramount+ is poised to establish itself as an industry-leading streamer.
Neither Paramount Global nor Perry has stated in response to the request for comment.
About Tyler Perry:
Tyler Perry is an American actor, director, screenwriter and producer. He is best known for creating the highly successful Madea franchise of films and stage plays. He has also ventured into TV sitcoms and film production, producing shows like House Of Payne and For Better or Worse. His most recent film project was A Fall from Grace in 2020.
Tyler Perry is an American actor, writer, producer, director and philanthropist. His entertainment empire includes films like Diary of a Mad Black Woman and television shows like House of Payne. He has become one of the most successful African-American filmmakers in history, grossing over $1 billion worldwide. In addition to his domestic success, Perry has earned a reputation as an advocate for social change. In 2020 he received the Jean Hersholt Humanitarian Award at the Oscars and donated $5 million to support coronavirus relief efforts. He continues to be an inspiration to many aspiring artists and filmmakers.
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