Business, Features, Movies / TV
Tyler Perry next prospect in BET stake, Paramount backs out
Award-winning actor and producer Tyler Perry may be one of the next prospects in the potential sale of a majority stake in BET, as first reported by The Wall Street Journal. The sale would include BET, MTV, Nickelodeon, and the BET+ streaming service. According to sources, if the deal closes Paramount expects to maintain a minority stake in the business and maintain a commercial relationship.
Why could this be good for Perry’s Brand?
As a long-time user of the BET Media Group, this potential purchase deal will give Perry the ownership of widely distributed cable channels and also ownership of a streaming service that airs many of the
According to sources Perry also currently has a minority stake in Paramount’s BET+ streaming along with a deal with Paramount to create shows in his studio based in Atlanta, Georgia. Shows and movies have won awards like Academy, Kid’s Choice, and so on. Perry is the mastermind behind the “Madea” movie franchise, “Meet The Browns”, “House of Payne”, “Sistas”, “Zatima”, “Madea’s Family Protection”, and over 20 other movies.
Who else is on the purchase list?
Sources report Byron Allen, media entrepreneur of Allen Media Broadcasting, who owns assets like The Weather Channel and multiple local television stations. For Allen, a deal would mean an expansion of his cable business and another streaming service. Allen told “The Hollywood Reporter” in 2020 that he has plans to grow bigger as a media company. “What you see today will be 10,000 times bigger,” Allen said.
History of BET
Black Entertainment Television was founded in 1980 by Robert Johnson. Shelia Johnson is the co-founder. BET started with two hours of weekly programming with most of its viewership being in North America and the Caribbean. It was the first national programming service primarily targeting Black viewers. Music videos have always been a “thing” or a staple along with political, comedy, talk shows, sports, and news. As reported in Britannica, Johnson launched it as a public corporation in 1991 and was listed on the New York Stock Exchange until 1998. Viacom, which is now called Paramount Global, acquired BET in 2000 for $2.3 billion in stock and millions of debt dollars. Many big-name advertisers use the network including General Motors, Subway, and Coca-Cola. While BET targets a minority audience both young and old. The network reaches over 90 million households.
Today, Scott Mills serves as BET’s CEO. Along with Perry, BET Studios also has minority stakeholders including producers Kenya Barris, Rashida Jones, and Aaron Rahsaan Thomas.
About Paramount and BET+ Streaming Service
Paramount is the fifth oldest in the United States. As of Dec. 31st, they’ve had about 56 million subscribers to Paramount+ and another 21.4 million subscribers to its smaller subscription streaming services, such as Showtime and BET+. Many critics wonder if the sale of large stakes in BET is best for the brand Paramount because subscriber figures don’t turn well for BET+ specifically. BET+ is a premium subscription streaming service with over 1000 hours of exclusive content. Paramount reported to CNBC, that CEO Bob Bakish said to expect price increases for all Paramount+ plans in 2023. He also said the company expects 2023 to be the peak year in spending.
