Director and producer Tyler Perry is in talks with Paramount Global to purchase a majority stake in its BET business. Back in 2000, Paramount (Viacom at the time) purchased the BET Network for 2.3 billion dollars. The entertainment mogul currently owns a minority stake in the company which includes BET and VH1. He produces much of the content on BET and the streaming service BET+, which he helped launch in 2019. So what does it mean if Tyler Perry owns BET?
Perry has a deep history with BET, which was the first cable network to cater to Black audiences. He has multiple shows on the network and its streaming service including, Sistas, The Oval, and the latest Zatima. With control over a widely distributed cable channel, ownership in the company would give him expansion into the media space. For Perry, the deal would solidify a digital imprint for his content.
Tyler Perry In Talks To Buy Majority Stake In BET
Additionally, Paramount would acquire the cash to spend on programming for Paramount+ and Pluto TV, its free ad-supported streaming service. Bryon Allen, The Weather Channel owner, is also in talks to purchase a majority stake in the company. A representative for the mogul reports that he is pursuing the acquisition of the network. The sources added that if a deal closes, Paramount expects to maintain a minority stake in the business, as well as a commercial relationship. Producers Kenya Barris and Rashida Jones are reportedly minority shareholders in BET Studios. BET Media Group is run by its CEO Scott Mills.
The Wall Street Journal reports that “The decision to consider selling a majority stake of the assets, which cater primarily to Black audiences, is part of [Paramount’s] effort to shore up resources to bolster its flagship Paramount+ streaming service and its advertiser-supported free streaming platform Pluto TV”. Earlier this year, Paramount announced a rebrand, combining Showtime with Paramount, merging the two into its streamer Paramount+. The move led to drastic leadership changes and layoffs company-wide. Let us know what you think of this, in the comments below. Additionally, stay tuned to HNHH for more news and updates from the entertainment world.