Tyler Perry Reportedly ‘Balking’ At $3B Asking Price For BET Sale
It looks like Tyler Perry is becoming apprehensive when it comes to purchasing BET.
Media mogul Tyler Perry is struggling with the idea of coughing up $3 billion in order to secure a buyout of the Black Entertainment Television network, reports claim.
As we covered at the start of this year, Paramount announced plans to sell BET, sparking a massive response from big names in the media and entertainment world. The “Diary of A Mad Black Woman” star immediately expressed great interest in buying the BET Group, which includes BET, VH1, and the BET streaming service BET+.
Fellow moguls 50 Cent, Diddy, and Byron Allen also shared they’re interested in taking BET’s helm. However, back in April, Tyler Perry made it very clear he’s willing to do what it takes to come out on top and win the acquisition, telling reporters:
“I’ve been there for four years now and had tremendous success. I wasn’t expecting this to happen, so, yes — if that is possible, I’m very, very interested in taking as much of it…If it’s possible, I’m gonna take as much of it as I can.”
While there is some competition, Tyler Perry is considered the frontrunner in the network sale. The filmmaker already owns a 25% stake in BET and BET+ and has private equity backing for his offer. The 53-year-old entertainer has also produced several original scripted series for the network. Perry played a major part in helping BET launch its subscription service BET+ back in 2019, which has seen much success.
Despite all of this, it now looks like Perry might be second-guessing his latest aspiration. According to an insider close to the deal, Perry has “balked” at the $3 billion asking price by BET Group’s current owner, Paramount. Adding to his frustrations is a retracted article by the entertainment website The Streamr, which (wrongfully) stated that the producer had already purchased the network.
The insider claimed,
“He is used to getting his way and is frustrated.”
Reportedly, Paramount wants roughly 10 times the BET Group’s current $325 million in earnings before interest, taxes, depreciation and amortization. However, people are leaving cable behind and instead are turning to streaming services, which could jeopardize future earnings.
According to public findings, Paramount Global — which includes CBS, MTV, Paramount Pictures, and Paramount+ streaming service — had $15.6 billion in long-term debt as of March. The source said anything below the $3 billion price would not reduce Paramount Global’s debt.
Paramount and Tyler Perry have yet to comment on the matter.
What are your thoughts? Let us know in the comments below!