Tyler Perry is seeking to expand his business portfolio by purchasing a majority stake in BET. According to Wall Street Journal, Perry is currently in negotiations to buy America’s first Black-owned cable TV station.
Started by Bob Johnson in 1980, BET provided Black content in an era where minorities rarely got an opportunity to showcase work on network TV. In 2000, Johnson sold BET for $2.3 billion to Viacom. Viacom would eventually become Paramount.
Perry has worked with BET since 2017 and has several original programs on the streaming service BET+. If Perry is able to secure the deal, he would be able to add the cable station and streaming service to his media empire which also includes the 330-acre Tyler Perry Studios in Atlanta.
It would also clear the way for BET to receive advertising dollars geared to minority owned media companies. General Motors and Coca-Cola have committed to significantly increasing ad spends for companies in that sector.
According to Forbes, Perry is worth $1 billion.