Perry’s bid was less than the Network’s $3 billion price tag.
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. The deal fell through because, according to sources, Paramount could not find an appropriate partner who would be willing and able to pay a large sum of money while aligning their goals with the corporation’s. Sources claim that the playwright was the ideal candidate, but did not accept and bid only $2 billion.The Blast.The sale of BET was initiated earlier this summer. This includes cable channels VH1, BET and BET+. The auction attracted bids from a number of interested parties including the Emmy-winning winner. However, none were able to reach the asking price of $3 billion. An insider said that Paramount wasn’t looking for someone to provide money without the mindset of running the company. According to a source, Paramount was looking for someone who could provide the money without having the right mindset to run their company.The New York PostThe film distribution and production giant hoped to reach a settlement that would transfer the asset from White ownership to Black. In order to do so, the company sought out a party that would “be a good partner” and “steward of assets and mission.”
Over the last few weeks, the company has been trying to get the filmmaker to increase his bid. The filmmaker who owns 25% of BET’s streaming services, however, was steadfast in his offer. Media mogul Byron Allen was the late bidder, with a bid of nearly $3 billion. Sources claim that Paramount did not like his bid because they didn’t have any substantive talks with Allen, who is 62. Insiders said that Paramount was concerned about Byron Allen’s lack of “committed financing.” Perry refused to accept the bid price, and neither did the high bidder. As a result, the auction had to be canceled. According to the source, Paramount Global subtly informed all bidders late on Wednesday of its cancellation. The insider stated that Paramount made the decision to keep a majority share in BET Media because it was more valuable than the other proposals.
#TylerPerry Reports suggest that Will Take Over Major TV Networkhttps://t.co/DldYxKWU5o
— PopCulture.com (@PopCulture) June 15, 2023
Initially, the billionaire actor was rumored to own BET. In June, it appeared that the playwright would be the winner. Perry revealed that he could own BET. “I worked there for 4 years, and have had tremendous success.” If it’s even possible, then I am very, very keen to get as much out of BET as I possibly can. Had he won BET, after 20 years of being owned by Blacks, would have been again. The 53-year old would have loved to be the only one running the network but was happy that Black competitors were also vying to get the same slot. Perry emphasized the need for Black males and females to be ready to do the work. Bob Johnson [BET co-founder] In 2000 I believe, not one Black person could afford it. So now to see that all these Black women and men are able, both male and female, to be able to purchase the item? “That makes me really happy.”