Tyler Perry is set to buy a majority stake in BET Media Group from parent company Paramount Global, according to Variety.
The announcement coincides with a significant reorganization at Paramount, which aims to concentrate its resources on its streaming service Paramount+ and the Pluto TV, which is financed by advertisements. The entity revealed plans to merge Showtime’s streaming service into Paramount+ earlier this year. Moreover, the outfit attempted to sell Simon & Schuster, its book publishing division, to Penguin Random House, but the transaction failed due to regulatory issues. In the future, Paramount will continue to look to sell S&S.
The actor and entrepreneur, who currently has a minority stake in the Paramount-owned corporation that operates BET, VH1, BET Studios, and BET+, appears to be one of the top candidates in negotiations to acquire the majority of the business. If the deal goes through, Paramount would continue to own a modest share and maintain a number of business partnerships, according to the Deadline.
BET Studios, which launched in 2021, is among the newest of the BET divisions and also counts Kenya Barris, Rashida Jones, and Aaron Rahsaan among its minority stake holders.