Paramount Rejects Tyler Perry’s $2 Billion Offer To Buy BET

Paramount Ends $3 Billion Auction Of After Tyler Perry Refuses To Raise His $2 Billion Bid

Tyler Perry won’t be the owner of BET after all! Paramount has decided to end the auction of the network after negotiations with the billionaire reached a stalemate.

According to the NY Post, Tyler Perry refused to raise his $2 Billion bid for the company after Paramount insisted on him buying it for $3 Billion.

After months of roadblock, Paramount decided to keep the network for themselves.

 

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“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 Paramount told The Post.

The source noted that Paramount had been looking for a deal “which could return the asset to Black ownership” with a “party that could be a good partner and responsible steward of the assets and the mission” — but nevertheless came up short.

Paramount also had hoped for a deal that would “result in meaningful de-leveraging” of Paramount’s balance sheet,” according to the source.

So, as of now, there will be no new ownership of BET. Tyler Perry still owns a 25% stake in the BET+ streaming service though.