Paramount Global Reportedly In Talks To Sell Majority Stake To Producer Tyler Perry

by Wayne Friedman , March 6, 2023

In a move that may be intended to shore up more cash for its overall streaming business, Paramount Global is in talks to sell a majority stake in its BET Media Group -- which includes legacy cable TV networks BET and VH1 -- to TV and movie producer Tyler Perry, according to a number of reports.

The deal could also include the BET+ streaming service -- of which Perry is a minority owner -- and BET Studios, which has minority investors including producer Kenya Barris and actor Rashida Jones.

Perry has an existing programming deal with BET.

Hours after the news broke of Perry interest in buying a majority stake in the company,

Bryon Allen, chief executive officer of the Allen Media Group, also expressed interest in buying BET, according to reports.

While Paramount Global is looking to drum up cash for company-wide streaming efforts, it would also retain a minority stake in BET. A Paramount representative had no comment in response inquiries from Television News Daily.

In November 2000, Viacom Inc. -- forerunner of Paramount Global -- announced a $2.3 billion stock deal to buy BET Holdings, the parent company of Black Entertainment Network. The deal also included taking over nearly $600 million in debt.

Looking at the last 12 months, the BET network pulled in an estimated $348 million in national TV advertising sales, according to iSpot.tv.

The top ten advertisers over the period were Domino’s; Walmart, Hulu, McDonald's, Optima Tax Relief; Peter Popoff Ministries, U.S.Dept. of Health and Human Services, Dovato; and Chick-fil-A.

This story has been updated.

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