Tyler Perry Loses out on Bid for Major TV Network

Perry's bid fell short of the network's asking price of $3 billion.

Tyler Perry's attempt at acquiring BET has officially come to an end. His bid did not meet Paramount's expectations, as it was short of the network's asking price of $3 billion, which he did not meet. However, the deal was taken off the table because sources allege that the corporation could not find a suitable partner willing to cough up a substantial amount of money and align their goals with that of the corporation. According to sources, the playwright seemed the perfect choice, but he did not accept the offer and only bid $2 billion, reported The BlastEarlier this summer, the sale of BET, which includes the cable channels VH1, BET, and the streaming service BET+, was commenced. Although the auction solicited bids from several interested parties, like the Emmy winner, they all fell short of the $3 billion asking price. According to an insider, Paramount was not looking for someone who could provide the money without having the right mindset to run the company. A source revealed to The New York Post that the film production and distribution giant was hoping to close on a deal that would allow the asset to be transferred to Black ownership. As a result, they sought to negotiate with a "party that could be a good partner and steward of the assets and mission." 

The company has reportedly been trying to convince the filmmaker to up his offer over the past few weeks. However, the filmmaker, who currently owns a 25% stake in BET's streaming service, remained firm in his bid. The late highest bidder was media mogul Byron Allen, who bid nearly $3 billion.  According to the source, Paramount was not impressed by his bid since they had no substantive discussions with the 62-year-old. The insider pointed out that "Paramount did not want to sell BET to Byron Allen" because the company was worried about the TV producer's "lack of committed financing." Due to Perry's refusal to meet the auction's asking price and the highest bidder not meeting their expectations, the auction was canceled. The source revealed that Paramount Global had subtly informed bidders of the sale's cancellation late Wednesday. "We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received," the insider said.

Initially, the billionaire actor was rumored to own BET. In June, the playwright appeared to be the frontrunner in the bid. Perry confessed to his possible ownership of BET: "I've been there for four years now and had tremendous success. If that is possible, I'm very, very interested in taking as much of it as I can." BET would have become Black-owned again after two decades if he had won. Even though he would have liked to have the network all to himself, the 53-year-old was glad to see Black competitors vying for the same spot. Taking note of the importance of having Black men and women ready to take on the task, Perry said, "This is what I love about it. When Bob Johnson [BET co-founder] sold it in 2000, I think it was, there wasn't one Black person who could buy it." "So now, to see all of these Black people, men and women, who are able to be in a position to buy it? Man, that makes me feel really, really excited."