African-American filmmaker and billionaire businessman Tyler Perry is reportedly on the brink of finalizing a deal with Paramount Global to acquire BET Media Group, which includes popular cable channels like BET and VH1.
This development comes after Paramount Global announced its intention to sell a controlling interest in the media group, including the BET+ streaming service, three months ago.
With a net worth of $1 billion, Perry emerged as the front-runner in a competitive bidding war for the coveted cable network, facing off against rapper Curtis Jackson, also known as “50 Cent,” and basketball legend Shaquille O’Neal.
Notably, music mogul Sean “Diddy” Combs and Byron Allen, CEO of Allen Media Group, were also in the running to acquire the influential media enterprise.
With the deal approaching its final stages, Perry is set to secure BET, a channel renowned for its focus on African-American viewership.
The acquisition presents a significant opportunity for Paramount Global to unlock substantial value, particularly as traditional TV faces challenges amid the rise of streaming services.
BET, founded by Robert L. Johnson in 1980, revolutionized the television landscape and became one of the most successful Black-owned enterprises in history, catapulting Johnson to billionaire status. In 2001, Viacom (now Paramount Global) acquired BET in a $3-billion deal.
Presently, BET Media Group encompasses major networks such as BET and VH1, estimated to be worth around $3 billion based on annual cash flow. While BET’s cable business has encountered hurdles in the wake of streaming dominance, its streaming platform, BET+, has exhibited promising growth, attracting more than 3 million subscribers.
Paramount Global, which has encountered significant challenges recently, announced a 25-percent reduction in its U.S. cable workforce earlier this month, along with the discontinuation of iconic cable brand MTV News.
The company strives to adapt to the changing market conditions, making the sale of BET Media Group a strategic move. Industry experts recognize the enduring value and influence of BET in the digital realm.
The acquisition presents an opportunity for a new owner, like Perry, to reconnect with Black consumers by offering content and experiences that embody the essence of a Black-owned enterprise.Â
