African-American filmmaker and billionaire businessman Tyler Perry is reportedly in talks to acquire a controlling interest in BET Media Group, an American basic cable channel that caters specifically to African-American viewers.
The recent development comes on the heels of reports indicating that Paramount Global, the parent company of BET Media Group, is considering the sale of a controlling interest in the business, which encompasses BET, VH1, and the BET+ streaming service.
Perry, a longtime partner of Paramount Global, owns a minority stake in BET Media Group, as well as BET+, a high-end digital streaming platform that showcases more than 2,000 hours of top-notch Black content produced by leading Black creators.
Paramount executives are of the opinion that BET may be particularly valued by a consortium of wealthy Black individuals and institutions, which could unlock value for the media asset in ways that are more difficult under its current corporate ownership.
Sources close to the group, however, have cautioned that talks about the sale are still in their preliminary stages, with no assurance of any deal being finalized.
In addition to Perry, Byron Allen, an African-American entrepreneur, television producer, and founder of Entertainment Studios, a U.S. media firm, is also competing to acquire BET.
BET Media Group’s revenue for 2022 is estimated to be around $1.5 billion, and Paramount intends to retain a minority stake in the enterprise while also maintaining a commercial relationship.
Perry, who is presently one of the wealthiest Black billionaires globally with a net worth of $1 billion, primarily stemming from his incredibly successful “Madea” franchise, which grossed over $660 million, has maintained a close relationship with BET since 2005, when the network aided in financing his initial feature, “Diary of a Mad Black Woman.”
Back in 2017, Perry inked a long-term film contract with Paramount, which was followed by a $150-million per year deal in May 2020.
The partnership has proven to be a fruitful and prosperous enterprise for Perry, Bob Bakish, the president and CEO of Paramount Global, and BET’s Mills.
Perry’s TV projects, including “House of Payne,” “Sisters,” “The Oval,” “Ruthless,” “Zatima,” and “Assisted Living,” are also accessible on both BET and BET+, in addition to his movie catalog.
