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Paramount Global eyes sale of majority stake of BET

Posted at 7:08 PM, Mar 06, 2023

Paramount Global was reportedly pondering the idea of selling a majority stake of BET Media Group.

Multiple outlets reported that a source revealed the possibility of Paramount's search for a buyerof the majority stake, which could include the sale of names like BET cable network, VH1 and BET Studios.

The Hollywood Reporter said media mogul Tyler Perry was in talks regarding a purchase. A deal with Perry could give him ownership over a brand that broadcasts many of his shows.

Byron Allen was another possible buyer. The Hollywood Reporter saida representative for Allen released a statement saying, "Byron Allen is interested in buying BET, and he will be pursuing the acquisition of the network.”

While reports of talks to buy the stake have surfaced, they came with the context that negotiations are in the early stages and there would not immediately be the guarantee that a sale would happen.

Perry has an overall deal with Paramount to produce content for the brand, and already has a minority stake in Paramount's BET+ streaming service, the Wall Street Journal reported.