Tyler Perry is looking to make his next big money move, including possibly buying a majority stake in BET.
As reported by Variety, Perry is in talks with Paramount to buy BET after reports surfaced that Paramount Global was in the market to sell the network. Tyler Perry currently owns a minority stake in the BET Network, which includes BET and VH1, and produces most programming available on BET and the BET+ streaming app.
The same report stated that businessman and TV producer Byron Allen was also interested in buying BET from Paramount. A spokesperson for Allen said in a statement that he is “interested in buying BET, and he will be pursuing the acquisition of the network.”
Perry and BET’s relationship go back to his first movie in 2005, Diary Of A Mad Black Woman, where the network helped fund the film. In 2017, Perry and Paramount entered into a long-term deal, with a TV deal that began in 2020.
The Wall Street Journal first reported that Paramount wanted to sell BET an article on Monday. “The decision to consider selling a majority stake of the assets, which cater primarily to Black audiences, is part of the entertainment giant’s effort to shore up resources to bolster its flagship Paramount+ streaming service and its advertiser-supported free streaming platform Pluto TV, some of the people said.”