Entertainment mogul Tyler Perry is seeking to expand his portfolio by buying a majority stake in BET, reports The Wall Street Journal.
Paramount is planning to sell a majority stake in BET Media Group, which owns the BET TV network, BET+, the studio and VH1. Paramount is also hoping to retain a minority stake in BET Media Group.
In an official statement, Paramount shared its intentions on selling the majority stake in BET and its consolidation plans going forward.
“The decision to consider selling a majority stake of the assets, which cater primarily to Black audiences, is part of the entertainment giant’s effort to shore up resources to bolster its flagship Paramount+ streaming service and its advertiser-supported free streaming platform Pluto TV,” read the statement.
Following the lead of other conglomerates, Paramount is streamlining Showtime’s streaming platform into Paramount+. The move has resulted in massive layoffs in the corporation and leadership changes.
Perry and BET have partnered on numerous projects including his first film Diary of a Mad Black Woman in 2005. Perry inked a long-term film deal with Paramount, along with a TV deal that took effect in May 2020.
Currently, BET and BET+ air Perry’s House of Payne, Sisters, The Oval, Ruthless Zatima and Assisted Living shows.
According to CNBC, the BET Media Group generated $1.5 billion in revenue for Paramount in 2022.