Paramount Global is looking to sell its asset, BET. Actor and producer Tyler Perry (Diary of a Mad Black Woman, Madea’s Family Reunion) has already expressed interest in buying the BET’s stake. According to Deadline, Los Angeles-based media mogul Byron Allen (The Byron Allen Show, Mr. Box Office) has also expressed interest in BET.
“Byron Allen is interested in buying BET, and he will be pursuing the acquisition of the network,” a spokesman for the Allen Media Group said in a statement on Monday, March 6, 2023.
The presence of contending interests may prove advantageous for Paramount, as it has been divesting assets to reduce its debts and allocate funds towards Paramount+, a streaming service that it introduced two years ago.
“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,” stated The Wall Street Journal.
Considering BET’s symbolic significance in Black culture and the Black creative community, other high-net-worth Black individuals or minority-owned enterprises may potentially show interest, and there is still time for that to happen.
Paramount will continue to possess a minority stake in the company regardless of whoever takes ahold of the company and will also maintain commercial agreements with BET for content on all its platforms, irrespective of the agreement made.
Variety reports Perry has a minority stake in the company owned by CEO Scott Mills, which includes cablers BET and VH1, and produces a considerable amount of programming for BET and streaming service BET+, which launched in 2019.
Two individuals who were not authorized to comment, but are familiar with the matter, have reportedly told the LA Times that Perry is seeking to bring on a significant partner.