Tyler Perry Expressed Interest in Buying Majority Stake of BET Media Group From Paramount Global

Author: Editors Desk Source: WSJ:

March 7, 2023 at 07:08

Tyler Perry is a prolific producer who has made more than a dozen television series and more than 20 movies. PHOTO: MARIO ANZUONI/REUTERS

Potential sale of part of parent of BET and VH1 would help Paramount shore up resources for streaming

Actor and producer Tyler Perry has expressed interest in acquiring a majority stake of BET Media Group from Paramount Global PARA -2.43%decrease; red down pointing triangle, according to people familiar with the situation.

Mr. Perry and Paramount have had a longstanding relationship. The media mogul, who has his own production studio, has an overall deal to create shows for Paramount and also has a minority stake in Paramount’s BET+ streaming service.

The discussions between Mr. Perry and Paramount come as the company is considering selling the majority stake in BET Media Group, which includes the cable channels BET and VH1, people familiar with the matter said. A potential sale of part of the unit, which caters 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, some of the people said.

Paramount, which also owns CBS, MTV, Nickelodeon and Paramount Pictures, has made strengthening Paramount+ a priority as it seeks to compete with other major streaming services such as Walt Disney Co.’s Disney+, Netflix Inc. and Warner Bros. Discovery Inc.’s HBO Max.

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