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BET turns down Tyler Perry’s offer to buy it for R38 billion.
In an unexpected turn of events, prominent Black American entertainment entrepreneur Tyler Perry’s offer to purchase BET (Black Entertainment Television) has been declined.
According to The New York Post, Perry’s $2 billion (roughly R38 billion) offer was rejected by Paramount, the media conglomerate that owns the old Black network as well as Nickelodeon, MTV, VH1, and other networks, especially given that Paramount made it plain that the opening auction bid was $3 billion.
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Though Tyler Perry was tipped as the strongest contender, other bidders included music mogul Sean “Diddy” Combs and businessman Byron Allen.
Despite having previously stated that the sale would go through, Paramount formally canceled it on Wednesday (August 16).
“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,” a source close to Paramount told the New York Post.
According to S&P Global. BET has seen a decline in subscribers and revenue over the past decade with subscribers falling to an estimated 66.3 million in 2022 from 89.5 million in 2014, a peak year for cable television.
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