Paramount Global In Talks With Tyler Perry To Sell Majority Stake In BET
06.03.2023 - 22:41
/ deadline.com
UPDATED with Tyler Perry interest: Paramount Global is talking with Tyler Perry about a deal for BET Media as the conglom explores a sale of a majority stake in the division.
Perry, who has a strong relationship with BET CEO Scott Mills as well as Paramount Global CEO Bob Bakish, is eyeing the asset as his own producing deal with BET is coming to an end. He supplies a large portion of the scripted content on BET and BET+, and is a partner with Paramount on the streaming service launched in 2019.
Paramount, for its part, has been pretty clear about its desire to explore opportunities to raise cash, including an attempt to sell publisher Simon & Shuster.
It’s move with BET Media was first reported in the Wall Street Journal. The company declined to comment.
The division includes the BET linear networks, BET+, BET Studios, launched in 2021 with partners Kenya Barris, Rashida Jones and Aaron Rashon Thomas, and VHI, which was moved under the BET umbrella last year.
A person familiar with the situation said Paramount would maintain a minority stake as well as commercial agreements with BET for content across its platforms in any deal.
Given BET’s iconic status within Black culture and the Black creative community, it could potentially see interest from other Black high-net worth individuals or minority-owned institutions.
BET, or Black Entertainment Television, was founded by Robert Johnson in 1980, the first cable channel to cater to Black audiences. It was acquired by Viacom in 2001 in a deal worth $3 billion.
Paramount’s $2.2 billion deal to sell book publisher Simon & Schuster to Penguin Random House fell through on regulatory concerns but it has made clear that’s a noncore asset and remains on the block. In recent