Tyler Perry’s work has been a BET fixture for years from his long-running sitcom “House of Payne” to recent series like “The Oval” and “Sistas.” He’s also created exclusive shows like “Zatima” for the network’s BET+ streaming service. Today (March 6), news broke that Perry is in conversations to potentially take ownership of BET through a purchase of parent company Paramount Global’s majority stake.
A source close to the matter told The Hollywood Reporter that Paramount is considering selling a majority stake in the BET business, which includes BET, BET+, and VH1. Another insider reported that Perry, a longtime partner of the Black entertainment channel, is in conversations to buy the potentially for-sale share. The Madea star signed a deal with Paramount in 2017 that is purportedly up soon. If the BET deal goes through, he would become the owner of the network that airs many of his shows. Still, if a contract is inked, Paramount is expected to keep a minority piece of the brand.
BET was formed as the first cable network to cater to Black audiences across the country. Paramount (formerly known as Viacom) acquired it in 2000 for $2.3 billion. It remains a unique part of the corporate conglomerate in that some of its divisions have minority investors in addition to the holding company. BET Studios, for example, counts Kenya Barris and Rashida Jones among its stakeholders, while Perry is an investor in BET+. As a result, any efforts to merge BET+ or BET Studios into Paramount+ or one of the company’s other branches would run into complications in the negotiating process.
Perry was honored with the Ultimate Icon award at the 2019 BET Awards. In his powerful acceptance speech, he inspired those watching to actively make moves that will best benefit them rather than wait to receive. “While everybody else is fighting for a seat at the table, talking about ‘#OscarsSoWhite, #OscarsSoWhite,’ I said, ‘Y’all go ahead and do that. While you’re fighting for a seat at the table, I’ll be down in Atlanta building my own.’ Because what I know for sure is that if I could just build this table, God will prepare it for me in the presence of my enemies,” he said.
“Rather than being an icon, I want to be an inspiration,” he added. “I want you to hear this: Every dreamer in this room, there are people whose lives are tied to your dream. Own your stuff, own your business, own your way.”