Renowned actor, writer, director, and producer, Tyler Perry is bidding for control of BET (Black Entertainment Television), leaving Paramount Global reeling from substantial financial losses which have exceeded $400 million according to Streamr.
Perry’s acquisition of BET marks a major milestone in the entertainment industry, as he aims to revitalize the $3 billion dollar network’s programming and expand its reach. The move also highlights the shifting landscape of media ownership and the growing influence of Black American voices in the industry.
Rapper Jermaine Dupri took to Twitter to congratulate the Madea actor after hearing the news of the get to be confirmed acquisition.
The media mogul reportedly emerging as a top contender of a multi-billion dollar bid after several prominent black media owners like Revolt’s P.Diddy, Byron Allen and 50 Cent were eyeing the network.
CEO of BET Media Group Scott Mills speaking to Yahoo Finance in 2021, said that, “BET generated nearly 100% revenue growth in 2021 from BET+, a platform Perry had a 25% stake in and where he produced several programs resulting in a 50% subscriber growth over the same period,”.
Brendan McDermid | Reuters
Paramount’s decision to sell their majority stake in BET to Perry was driven by Paramount Global’s desire to refocus its resources on other areas of their business. Recognizing Perry’s immense success and deep understanding of the African-American market, the company reportedly saw him as the ideal candidate to rejuvenate and elevate the network.
Tyler Perry, a multi-talented creative force, is widely acclaimed for his groundbreaking contributions to film and television. With his acquisition of BET, Perry aims to bring fresh perspectives, diverse storytelling, and compelling programming to the network’s audience. He envisions BET becoming once again a powerful platform for amplifying the voices of underrepresented communities and showcasing their rich cultural experiences.
While Paramount Global initially resisted parting with BET, the financial losses incurred by the network over the past year ultimately necessitated a change in strategy. Paramount Global’s mismanagement and inability to connect with its target audience resulted in declining viewership and revenue.
Note: the original reports of this news has since been removed by Streamr.
Stay with WMV as we will update you as the story develops.
Editor’s note: The article has been amended to reflect changes in the bidding process for Paramount Global’s Shares BET.
