With Paramount growing its streaming network Paramount+, the firm is apparently selling the majority ownership part of BET Media Group; according to reports, Tyler Perry is in negotiations with Paramount to acquire a majority stake in BET Media Group.
Perry, 53, has a lengthy history with Paramount and currently holds a minority ownership in the BET Network, which comprises BET and VH1. In addition, he produces the majority of programming for BET and the BET+ streaming service.
Should the purchase go through, Paramount plans to maintain a “commercial relationship” with BET and Perry would become the owner of the very network that airs “Sistas,” “The Oval,” “House of Payne,” and more of his programs.
The Hollywood Reporter was the first to announce that Paramount was in the market to sell the network, and an inside source has now indicated that negotiations may soon come to an end.
Perry expressed interest in purchasing BET, according to the Wall Street Journal, which also stated that Paramount intended to sell BET. According to a representative, businessman and television producer Byron Allen is also interested in purchasing BET from Paramount.
Perry’s history with BET dates back to 2005, when the network helped fund his debut film, Diary Of A Mad Black Woman. Perry and Paramount struck into a long-term agreement in 2017, with the TV arrangement commencing in 2020. As of the time of writing, Perry has not yet secured the contract, but he is reportedly actively seeking it.
BET’s Background
According to Britannica, Robert L. Johnson created BET in 1980. According to the WSJ, Paramount (previously known as Viacom) purchased the company for $2.3 billion in 2000. CBS Entertainment Group unit of Paramount Global are the majority stake holders in BET’s cable network and studio, BET+ and VH1.
Source – Tru News Report
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