The existing proprietors of the network were not at all interested in Tyler Perry's bid, which puts a stop to his plans to become the new owner of BET.
According to The New York Post, Perry's $2 billion offer was rejected by Paramount, the media conglomerate that owns the old Black network as well as Nickelodeon, MTV, VH1, and other networks, especially given that Paramount made it plain that the opening auction bid was $3 billion.
Despite having previously stated that the sale would go through, Paramount formally canceled it on Wednesday (August 16).
"We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received," a source close to the studio told the site.
While Paramount insisted that Perry would be a "good steward" to run the business and that it wanted to give back control of BET to a Black person, the decision ultimately came down to financial considerations.
Tyler Perry first revealed his interest in buying the venerable network back in March, but Allen Media Group CEO Byron Allen has also shown an interest in the deal.
A tiny ownership interest already belongs to the Madea creator in the company, which also includes BET+, BET Studios, and VH1. He has a history with the network as well, which could give him an edge over Allen.
The Wall Street Journal reports that BET is being put up for auction in an effort to increase funding for Paramount+ and Pluto TV.
Tyler Perry already owns a sizable film studio of his own in Atlanta, so it would have seemed simple to find real estate for the potential acquisition. After being completely rebuilt, the property opened in 2019 with 12 sound stages and 60,000 square feet, which is around five times the size of his previous studio space in Atlanta.
Regardless matter who ends up buying the network, it is unknown what will happen to the shows that are currently on BET's schedule after the sale. As part of a new contract with the network, singer Mary J. Blige just debuted her chat show The Wine Down, in which she has "raw, provocative, insightful, and real" conversations over wine with "the hottest, most outspoken" celebrities in their respective areas.
The program is a part of a 2019-launched first-look non-scripted agreement between the network and Blige's Blue Butterfly media firm. And it's very possible that Mary's Sun Goddess wine, which she and Italian winemaker Marco Fantinel introduced in 2020, will be served to the guests.