Tyler Perry, a well-known Black American entertainment tycoon, has unexpectedly declared that he will not go through with the planned purchase of BET.
Tyler Perry, who was once thought to be a strong candidate due to the popularity of his shows “The Oval” and “Sistas” on the network, also owns a small investment in the BET+ streaming service.
According to reports, the BET auction started earlier this summer. Tyler Perry, the director of “Madea,” refused to raise his first $2 billion proposal to meet Paramount’s $3 billion asking price, putting a stop to the process.
This unexpected situation resulted from Paramount Global’s decision to halt the Black Entertainment Group auction due to reports that offer from prospective bidders, including media mogul Tyler Perry, fell short of expectations.
According to the New York Post, Paramount told prospective buyers, including Tyler Perry, that they had decided to end the BET Media Group selling process late on Wednesday.
The Paramount came to the conclusion that, in comparison to the proposals it received, keeping a sizable share in BET would be more advantageous for the company.
Tyler Perry, who was once thought to be a strong candidate due to the popularity of his shows “The Oval” and “Sistas” on the network, also owns a small investment in the BET+ streaming service.
According to reports, the BET auction started earlier this summer. Tyler Perry, the director of “Madea,” refused to raise his first $2 billion proposal to meet Paramount’s $3 billion asking price, putting a stop to the process.
No matter who ends up owning the network, it is still unclear what will happen to the shows that are now on the schedule of BET while the transaction proceeds.
