In a surprising twist, renowned Black American entertainment mogul Tyler Perry will no longer be proceeding with the acquisition of BET, as previously anticipated.
This is following Paramount Global’s decision to cancel the auction of the Black Entertainment Group which has caused this unexpected development, with bids from potential buyers, including media tycoon Tyler Perry, reportedly falling short of expectations.
Reports from New York Post revealed that Paramount informed potential bidders, including Tyler Perry, about their choice to terminate the sale process for the BET Media Group late on Wednesday.
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The Paramount concluded that retaining a significant stake in BET would yield more value for the company compared to the proposals received.
Paramount made this decision following consultations with seasoned financial advisors.
High-profile figures such as actor-director Tyler Perry, music mogul Sean “Diddy” Combs, and entrepreneur Byron Allen were among the prominent names reportedly interested in acquiring BET.
Tyler Perry, who was at one point viewed as a strong contender due to the success of his series “The Oval” and “Sistas” on the network, also holds a minority stake in the BET+ streaming service.
Reports suggest that the auction for BET was initiated earlier this summer. However, the process encountered a roadblock when Tyler Perry, the creator of “Madea,” declined to increase his initial $2 billion bid to meet Paramount’s asking price of $3 billion.
Paramount had initially sought a deal that would return ownership of the asset to the Black community, seeking a responsible steward of both the assets and the network’s mission.
Tyler Perry is one of entertainment’s billionaires, with a net worth of $1 billion according to the Forbes issue of 2020. Approximately $60 million of Perry’s billion-dollar net worth comes from his stake in BET+.
Backstory
Looking back, in March, Tyler Perry had been in discussions to acquire BET. The move was part of an initiative to allocate more resources to Paramount+ and Pluto TV.
Tyler Perry already owns a substantial film studio in Atlanta, potentially simplifying the real estate aspect of the acquisition.
The studio, which opened in 2019, boasts 12 sound stages and spans 60,000 square feet, a significant expansion compared to his previous studio facility in Atlanta.
It remains uncertain what will transpire for the shows currently on BET’s lineup as the sale progresses, regardless of who ultimately takes ownership of the network. Notably, Mary J. Blige launched “The Wine Down,” her talk show, as part of a deal with the network.
The show, characterized by “raw, provocative, insightful, and real” conversations with prominent celebrities over wine, is part of a first-look non-scripted agreement between the network and Blige’s Blue Butterfly media company, established in 2019.
