Tyler Perry’s dream of winning a majority stake in BET is officially over! The billionaire filmmaker fell short of Paramount’s expectations because his offer fell short of the network’s $3 billion asking price.
Creator and performer of the beloved character Mabel “Madea” Simmons is known in the industry for her support of Black entertainment. For this reason, many believed he would move mountains to gain an outlet for Black culture.
Unfortunately, the deal fell through when the auction did not find a suitable partner who was willing to foot the big bill and align their goals with the corporation’s mission. According to sources, the playwright is the right match, but he won’t take the bait.
Tyler Perry Allegedly Refused To Meet Paramount’s $3 Billion Auction Price For BET
The sale of BET — which houses cable channels VH1, BET, and streaming service BET+ — began earlier this summer. While the auction quickly received bids from interested parties such as Emmy winners, they all fell short of the $3 billion asking price and other requirements.
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According to sources, Paramount didn’t want someone who could pay the bills without having the right mindset for their company. Insiders revealed to The New York Post that the film production and distribution giant is hoping for a deal “that could return the asset to black ownership.”
They want to negotiate with “a party that can be a good partner and a responsible asset and mission manager.” Unfortunately, they cannot find the perfect partner as their ideal candidate; “I Can Do Bad All By Myself” star just offered a $2 billion bid for BET.
Over the past few weeks, the company has reportedly been trying to convince the “A Fall from Grace” star to increase its offer. However, the filmmaker, who already has a 25% stake in the BET streaming service, is refusing to budge.
Meanwhile, comedian-turned-media mogul Byron Allen emerged as the highest bidder late in the auction with a bid of nearly $3 billion. However, Paramount was not impressed with his offer as they did not have any significant discussions with the 62-year-old, the source claimed.
The whistleblower stated that “Paramount did not want to sell BET to Byron Allen” because the company was concerned about the TV producer’s “lack of committed funding.” With the highest bidder not meeting their expectations and Perry’s refusal to meet the asking price, the auction was cancelled.
Responding to the situation, the source revealed Paramount Global subtly announced the canceled sale to bidders late Wednesday. The company chose to withdraw the offer because no other offer could outweigh their interests.
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“We made this decision because the benefits of retaining a majority stake in BET Media Group create more value for Paramount than any proposal we received,” the insider explained.
Tyler Perry Studios Founder Wants To Be Next BET Owner
As mentioned above, the billionaire actor was initially reported as the next potential owner of BET. “Why Am I Married Too?” producer against Black icons such as rapper Diddy, multi-hyphenate entertainer 50 Cent, and basketball star Shaquille ‘Shaq’ O’Neal.
However, after months of speculation over who would acquire the Black culture channel, the playwright emerged to lead the bid in June. Opening up about the possibility of BET ownership, the father of one admitted:
“I have been there for four years now and have had tremendous success. If that’s possible, I’m very, very interested in taking as many as possible.”
If Humanitarian Award recipient Jean Hersholt had won the bid, BET would have been Black again after two decades. Despite his interest in claiming the network, the 53-year-old is happy that other Black contenders are fighting for the same spot.
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Reflecting on the importance of having successful black men and women ready to take up the mantle, the New Orleans native said: “This is what I love about it. When Bob Johnson [BET co-founder] sold it in 2000, I thought it was, no black person could buy it.”
“So now, to see all these black people, men and women, who can afford to be in a position to buy it? Man, that makes me feel really, really excited,” the Black Music & Entertainment Walk of Fame reads.
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Source: thtrangdai.edu.vn/en/
