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Tyler Perry reportedly interested in buying majority stake in BET as Paramount looks to sell

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Tyler Perry is reportedly interested in acquiring a majority stake in BET Media Group, as Paramount Global looks to sell its controlling stake of the media unit.

The Wall Street Journal was first to report Monday that Paramount was interesting in selling its stake in BET Media — which includes cable channels BET and VH1 and streaming service BET+ — as it looks to streamline operations and bolster its principal streaming service, Paramount+.

The Journal later reported that Perry — a billionaire writer, actor and producer who currently owns a minority stake in BET+ — was in talks to take a majority interest in BET Media, which caters largely to Black audiences.

According to the Journal, BET Media’s minority-investor setup complicates its integration with Paramount+. Aside from Perry, writer/producer Kenya Barris and actress/producer Rashida Jones are among those owning stakes in BET Studios.

Perry has longstanding relationships with both BET and Paramount, including a deal to create shows for Paramount through his eponymous studio. The Journal reported that if Perry were to acquire a majority stake, BET and Paramount would continue to have a working relationship.

Perry is apparently not the only one interested in acquiring BET: Byron Allen, who owns The Weather Channel among other media holdings, is also pursuing a deal, according to the Hollywood Reporter.

In January, Paramount Global announced that Paramount+ and Showtime would essentially merge later this year, and in February, Chief Executive Bob Bakish said Paramount+ will raise its subscription prices later this year as well.

Paramount shares
PARA,
-2.43%

are up more than 30% year to date, though are down 34% over the past 12 months, compared to the S&P 500’s
SPX,
+0.07%

5.4% gain in 2023 and 3.6% decline over the past year.

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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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