Celebrity Tyler Perry is allegedly interested in buying a majority stake in BET Media Group, according to a popular news outlet. The producer already has a stake in the media group. Some of his shows and series are featured on Black Entertainment Television (BET.) Byron Allen has also shown interest in the acquisition. The same outlet had earlier reported that Paramount Global is interested in divesting a major stake in BET.
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Robert Johnson founded the Black Entertainment Network (BET), in 1980. He was backed by John Malone, a well-known cable mogul. It became the first national programming service whose primary audience was black viewers as it catered to content that was appealing to them.
In 2000, Viacom, which is now known as Paramount Global (PARA), acquired the iconic media group. BET was sold for $2.3 billion in stock and $570 million in debt was also assumed as a part of the sale.
The Wall Street Journal was the first to report that Paramount Global was considering an offload of its major stake in the BET linear network to concentrate on its streaming service Paramount Plus. It also reported that the global giant would divest a majority but not its entire stake in BET. Paramount Global is expected to retain a minority stake and would also maintain commercial agreements for content from BET across its other platforms.
The outlet also reported producer Tyler Perry’s interest in increasing his stake to make it a majority asset, according to sources. Perry supplies a large amount of content to both BET and BET Plus. He is said to have a strong relationship with both BET CEO Scott Mills and Paramount Global CEO Bob Bakish.
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A spokesman for the Allen Media Group released a statement saying that Byron Allen was interested in buying BET and that he would pursue “the acquisition of the network.”
The BET Media Group is an iconic network that could also attract other high net worth individuals from the Black community, especially since Paramount Global has not confirmed a sale. The industry is aware that Paramount Global is looking for a divestment of some assets after the sale of Simon & Schuster to Penguin Random House was disrupted due to regulatory concerns.
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