Paramount Reneges On BET Sale, Tyler Perry & Others Out Of The Running

Written By Kynedei Iman Hobbs

Tyler Perry Buying BET???

Paramount Global has announced that the majority stake for BET Media Group, including VH1, BET cable network, and BET+ streaming service, is no longer up for sale. This is a massive blow to potential buyers such as Tyler Perry and other prominent figures in the entertainment industry.

Tyler Perry
999 Views Comments Off on Paramount Reneges On BET Sale, Tyler Perry & Others Out Of The Running

Paramount Calls Off BET Sale

 On August 16, 2023, Paramount Global revealed that the sale of BET Media Group was off the table. The decision was made due to the lack of “meaningful deleveraging” in the company’s balance sheet. 

The company stated they would need more than the proposals they received to improve their financial situation significantly. Consequently, Paramount decided that maintaining a majority stake in BET would create more value for the company.

What Happened?

The sale faced a significant setback when actor and producer Tyler Perry refused to increase his original bid of $2 billion to Paramounts asking price of $3 billion. Perry’s withdrawal ultimately led to the cancellation of the sale. Paramount expressed:

 “ We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received.” They added, “which could return the asset to Black ownership” with a “party that could be a good partner and responsible steward of the assets and the mission.” 

JPMorgan, initially expected to provide financing for the auction, failed to do so. Additionally, Paramount should have noticed the forecast for BET’s earnings during the auction process, raising concerns about the potential sale. 

BET’s Financial Woes

The company’s second-quarter earnings report further revealed a loss of $424 million during the three months leading to June 30, 2023.

A source for Paramount also reported that the company missed the forecast for BET’s earnings during the auction process, which caused more concern. According to sources, Byron Allen, who owns a broadcasting operation, entered his bid in late July 2023. 

The Initial Bidders

However, Paramount decided not to go into business with Allen, considering his lack of financial commitment. 

The initial bidders for BET‘s majority stake were basketball player and journalist Shaquille O’Neal, TV producer Kenya Barris, rapper 50 Cent, and Group Black. However, their attempts to acquire the network were unsuccessful due to Paramount‘s decision.
There has been no word regarding this matter from the buyers nor Paramount Global since the Wednesday evening decision.

Updated By: Kynedei Iman Hobbs (8/17/23 at 4:43 pm)

Tyler Perry Secures Deal To Acquire BET Networks; Expanding His Media Empire

Tyler Perry has finalized a groundbreaking deal to purchase BET Networks, the prominent Black Entertainment Television network. This acquisition grants Perry control over BET Media Group, including VH1. Perry already owns a minority stake in the streaming service BET+.

TV and film mogul Tyler Perry has recently finalized a deal to purchase a majority stake in BET Networks. Founded in 1980 by Bob Johnson, BET has been a vital platform for Black content, providing opportunities for minorities to showcase their work on television. 

In 2000, Johnson sold BET to Viacom, now known as Paramount, for $2.3 billion. Within Paramount’s extensive portfolio are influential networks such as VH1, Comedy Central, and Nickelodeon

Several well-known figures, including media mogul Byron Allen, 50 Cent, and Diddy, expressed interest in acquiring BET Networks over the past few months. Byron Allen, who already holds a significant presence in the cable television industry, proposed a deal for the network. 

Allen’s portfolio includes notable channels like The Weather Channel, Comedy.tv, and Pets.tv.

Tyler Perry’s Impact

Before finalizing this major purchase, the talented actor, writer, producer, and director had made substantial contributions to BET through original programs since 2000. He has created and produced shows like Ruthless, All The Queens Men, and Sistas. Perry expressed his interest in a press release preceding the acquisition, stating, “If it’s possible, I’m gonna take as much of it as I can.”

Perry’s impact on television extends beyond this recent deal. He has created and helmed several successful television shows, including the acclaimed Tyler Perry’s House of Payne, Meet the Browns, and The Haves and the Have Nots. These shows have garnered widespread popularity and captivated audiences.

In addition to his behind-the-scenes work, Perry has showcased his acting skills in numerous projects. His portrayal of the beloved character Madea, a larger-than-life, wise-cracking figure, has become iconic. Perry has also appeared in various other films and television series alongside his productions.
According to Forbes, as of 2023, Tyler Perry’s net worth exceeds $1 billion. This acquisition of BET Networks further solidifies Perry’s position as a prominent figure in the entertainment industry and expands his media empire.

Updated by Kelci Brown on June 13th, 2023


50 Cent, Shaquille O’Neal & Kenya Barris Join Bid To Buy BET Networks

A new bid to acquire the Black Entertainment Television (BET) network has emerged, as 50 Cent, Shaquille O’Neal, and Kenya Barris have joined forces with Group Black, CVC Capital Partners, and Authentic Brands Groups. They are now competing against Tyler Perry, Diddy, and Byron Allen in the race to acquire BET.

BET Networks’ Acquisition Bid

The consortium of 50 Cent, Shaquille O’Neal, Kenya Barris, Group Black, CVC Capital Partners, and Authentic Brands Groups have teamed up to acquire the Black Entertainment Television (BET) network. The group is competing against other celebrities like Tyler Perry, Diddy, and Byron Allen, who also want to acquire the network.

Updated By: Chris Samuel (5/8/23 at 6:10 pm)

Paramount’s Stake In BET Media Group

Paramount, the parent company of BET, is looking to divest its entire BET Media Group. This includes the namesake linear channel, VH1, BET+, BET spinoff channels, and production arm BET Studios. The sale of this media group would provide Paramount with much-needed cash to invest in its most crucial asset, Paramount+

BET currently needs to provide more new content to Paramount+.

BET has made many changes over the years, canceling several well-liked TV shows that are missed by fans. On the other hand, the popular morning show The Breakfast Club now airs its episodes on BET

50 Cent has been slowly taking over the TV industry and recently bought a warehouse to start G-UNIT studios, where he will film his highly-anticipated TV projects.

Diddy Enters The Race To Purchase Majority Stake In BET Networks

Diddy entered the race to bid for BET Networks. If the business mogul were to add BET ownership to his arsenal, the business mogul would be on track to build his “Black-owned global media powerhouse,” including his network Revolt TV.

Diddy Considers Buying BET

In March 2023, the “Gotta Move On” artist entered the bidding war to purchase BET alongside Tyler Perry and Byron Allen, who also want to buy the network from Paramount. According to reports, sources around the Bad Boy founder said he is “exploring the opportunity” as a part of his mission to become a “Black-owned global media powerhouse.”

Paramount Not Talking To Anyone—Yet

That same month, Paramount responded, saying there wasn’t a discussion with Diddy or any other candidate about purchasing BET.

Diddy owns many products and brands, including a second label besides Bad Boy Records, and announced Love Records in 2022. The entrepreneur also owns another TV network, Revolt TV, which also airs Yung Miami’s show, Caresha, Please.

Diddy also became the first rap music billionaire in 2011.

Diddy To Create Black-Owned Cannabis Company

In 2022, the rap mogul invested in cannabis locations in New York, Massachusetts, and Illinois — making him the largest Black-owned cannabis operation in the U.S. Diddy is known to be a successful businessman outside of his music career.

Originally Written By: Kendall Parks (3/14/23 at 3:37 pm)

Comments Off on Paramount Reneges On BET Sale, Tyler Perry & Others Out Of The Running

Written by Kynedei Iman Hobbs

Kynedei Iman Hobbs is a recent college graduate from the renowned Prairie View A&M University, with a major in Mass Communications. She possesses a deep passion for both News and Entertainment and aspires to excel as an exceptional Entertainment News Reporter, Writer, and Personality. With her sights set on greatness, she is driven to make a significant impact in the field.

Lil Uzi

Lil Uzi Vert Pays Homage to Young Thug with “Barter 16” Single Cover For Thug’s Birthday

Boosie, Kodak Black

Boosie Releases Diss Track Targeting Kodak Black For Recent 6ix9ine Collab