Tyler Perry is rumored to be close to acquiring BET from Paramount, and if true, the deal would include the BET+ and VH1 channels.
In addition to BET+, the network’s streaming channel, and VH1, BET includes music channels such as BET Soul, BET Jams and BET Hip-Hop.
BET Media Group could be worth about $3 billion, based on annual cash flow, Bloomberg reported.
Rumor Has It
The rumor of Perry’s deal being close to final was first published on The Streamr and later retracted, according to Decider. The rumor comes after the billionaire confirmed in April that he was interested in buying the network from Paramount Global, formerly known as Viacom.
“I’ve been there for four years now and had tremendous success. I wasn’t expecting this to happen, so, yes — if that is possible, I’m very, very interested in taking as much of it…If it’s possible, I’m gonna take as much of it as I can,” Perry told ETOnline.com.
Perry already has a business relationship with BET.
Under a 2019 production deal with Paramount, Perry owns 25 percent of BET+. He told Bloomberg in May that he had discussed expanding his involvement in the business with Paramount chairman Shari Redstone.
“I’m pretty sure I’m going to give it a hell of an effort,” Perry said of his plans to bid for the network.
The Battle for BET
If the majority stake in BET is still being offered, Perry faces fierce buying competition from media mogul Byron Allen and Sean “Diddy” Combs. Rapper 50 Cent and Shaquille O’Neal are also said to be part of a group.
“I’ve read about Byron Allen and Puffy and everybody wanting to bid and so on and so forth, and I think it’s really great,” Perry said. “This is what I love about it — when Bob Johnson sold it in 2000, I think it was, there wasn’t one Black person who could buy it. So now, to see all of these Black people, men and women, who are able to be in a position to buy it? Man, that makes me feel really, really excited.”
According to CNBC, Paramount executives feel that selling BET Media Group to a group of affluent Black investors and institutions will unlock prospects and value, and selling a controlling stake in BET Group would provide additional funds for Paramount Global to invest in programming for Paramount+ and Pluto TV, its free ad-supported streaming service.
