Paramount has begun looking into selling the lion’s share of its stake in BET Media Group, with as a potential buyer as talks are in preliminary stages.
An insider told on Monday that Paramount has commenced with exploration on selling its stake in the conglomerate, which includes the BET network, BET+ streaming service and VH1.
A separate source told the outlet that Perry, 53, who has long worked with BET, has been a prospective purchaser for the entity.
Perry has had a deal in place with Paramount for more than five years, which is coming up for renewal.were to buy Paramount’s share, he would own the network on which many of his TV shows are broadcast on.
Both insiders told the publication that talks are in the early stages, and other people have expressed interest in potential buying the stake in BET, in which Scott Mills is the CEO.
The latest: Paramount has began looking into selling the lion’s share of its stake in BET Media Group, with Tyler Perry, 53, as a potential buyer as talks are in preliminary stages.Pictured in October in LA
Should a deal happen, sources told the outlet, Paramount would be a minority shareholder in BET.
The company BET itself has investors in its subsidiaries, as Perry already owns a stake in BET+ (which launched in 2019), while Kenya Barris and Rashida Jones are among those invested in BET Studios.The investments could cloud the chances for potential mergers involved in such a deal.
If the deal were to take place, according to THR, it would build Paramount’s capital to potentially expand its Paramount+ streaming service amid a time of rapid changes in the industry.
Sources told , which first broke news of the potential sale, that Paramount’s ‘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.’
Earlier this year, Paramount said it was planning on merging Paramount+ with Showtime, which led to a number of layoffs and changes in management.
A potential deal could give Perry two largescale cable channels to add to his portfolio and takasifun a streaming service.
Perry has a long-running working relationship with BET, as it was behind his first feature film he wrote, 2005’s Diary of a Mad Black Woman in 2005.
BET, short for Black Entertainment Television, was created in 1980 by one-time cable lobbyist Robert Johnson and his wife Sheila Johnson. Paramount (formerly known as Viacom) bought it for $2.3 billion in 2000.
Major companies including Coca-Cola and General Motors have pledged to heavily invest their ad budget into media companies with minority owners, THR reported, which would not impact Paramount, but could benefit companies owned by Perry.
Paramount has commenced with exploration on selling its stake in the conglomerate, which includes the BET network, streaming service and VH1
Perry has a long-running working relationship with BET, as it was behind his first feature film he wrote, 2005’s Diary of a Mad Black Woman