Tyler Perry Completes Acquisition of BET Media Group, Including VH1, in Undisclosed Deal

Tyler Perry • BET • Media conglomerate • VH1: Tyler Perry is set to become the new owner of BET, according to a recent report. The media mogul has reached an agreement to purchase the BET Media Group from parent company Paramount Global for an undisclosed amount. This deal comes as a relief to Paramount Global, which is reportedly facing significant financial losses of over $400 million. Tyler Perry, known for his successful content targeting the African American demographic, will gain control over BET Media Group, which also includes VH1.

The streaming service BET+, a joint venture between Paramount Streaming and Tyler Perry Studios, will be part of the acquisition. Launched in 2019, BET+ has had a four-year partnership with Paramount and has seen notable revenue and subscriber growth. Paramount Global CEO Bob Bakish had previously explored selling a majority stake in the company, with the belief that selling to wealthy black investors could bring new opportunities and value.

Recent funding cuts for BET projects fueled speculation about a potential buyout. Despite impressive revenue growth and subscriber numbers, BET faced challenges, including the ongoing WGA strike and increased content production costs. The future of BET+ under Tyler Perry's ownership is uncertain, but the service had previously announced plans to introduce an ad-tier option to complement its ad-free subscription at a lower price point.