BET sale: Paramount turns down billionaires Tyler Perry, Diddy

In a recent turn of events, Paramount Global has reversed its decision to sell the majority stake of the network, BET.

Late Wednesday night, Paramount communicated its choice to discontinue the sale process of the BET Media Group to potential buyers, which notably included Tyler Perry, Sean “Diddy” Combs, and Byron Allen.

A person with knowledge of the matter, who was not authorized to speak publicly, confirmed the outcome to The Associated Press on Thursday.

Among the notable figures expressing interest were actor-director Perry, music mogul Combs, and businessman Allen.

The proposed deal encompassed not only BET but also the cable channel VH1.

BET, founded in 1980 by Robert and Sheila Johnson, had been purchased by Viacom in 2000 for a substantial $3 billion.