Rumor has it that Tyler Perry is locked in to buy BET.
A new report claims the billionaire negotiated a deal to buy the BET Media Group from parent company Paramount Global for an undisclosed sum, Love B. Scott reported. This deal would give Perry complete control over BET Media Group as well as VH1. Speculation of a buyout came as funding for several BET projects was pulled last week, including some in Atlanta, home of Tyler Perry Studios.
Perry already has a stellar reputation with BET as BET+, the streaming service for the cable channel, is a joint venture between Paramount Streaming and Tyler Perry Studios.
Since earlier this year, the actor and director, famous for playing the character of Madea, has openly expressed interest in purchasing the network, denying it was just a rumor.
“Rumor? No, it’s not a rumor,” Perry said to Entertainment Tonight. “I’ve been there for four years now and had tremendous success. I wasn’t expecting this to happen, so, yes — if that is possible, I’m very, very interested in taking as much of it…”
Media mogul Byron Allen, Sean “Diddy” Combs, and media company Group Black were also in the running to purchase BET.
Paramount executives believed selling a majority stake in BET to a “consortium of wealthy Black investors and institutions may unlock opportunities and value,” CNBC reported. The sale of a majority stake in BET Group would also give Paramount Global wiggle room to spend on programming for Paramount+ and Pluto TV, its free ad-supported streaming service, as the streaming business lost $575 million last quarter.
Perry has given credit to BET’s current owner for keeping the network relevant over the years, admiring the fact that it didn’t “fall by the wayside.” If the rumors are true, an announcement could be made any day now.