In an unexpected turn of events, prominent Black American entertainment entrepreneur Tyler Perry has declared that he would not proceed with the previously planned acquisition of BET.
The cancellation of the sale of the Black Entertainment Group by Paramount Global has resulted in this unexpected scenario, with bids from possible bidders, including media tycoon Tyler Perry, apparently falling short of expectations.
According to the New York Post, Paramount contacted possible buyers, including Tyler Perry, about their decision to end the selling process for the BET Media Group late on Wednesday.
The Paramount concluded that retaining a significant stake in BET would yield more value for the company compared to the proposals received.
Paramount made this decision following consultations with seasoned financial advisors.
High-profile figures such as actor-director Tyler Perry, music mogul Sean “Diddy” Combs, and entrepreneur Byron Allen were among the prominent names reportedly interested in acquiring BET.
Tyler Perry, who was at one point viewed as a strong contender due to the success of his series “The Oval” and “Sistas” on the network, also holds a minority stake in the BET+ streaming service.
Reports suggest that the auction for BET was initiated earlier this summer. However, the process encountered a roadblock when Tyler Perry, the creator of “Madea,” declined to increase his initial $2 billion bid to meet Paramount’s asking price of $3 billion.
Paramount had initially sought a deal that would return ownership of the asset to the Black community, seeking a responsible steward of both the assets and the network’s mission.
Tyler Perry is one of entertainment’s billionaires, with a net worth of $1 billion according to the Forbes issue of 2020. Approximately $60 million of Perry’s billion-dollar net worth comes from his stake in BET+.