Tyler Perry Out OF BET Bid, Paramount Scraps Auction Due To Low Offers

Tyler Perry's dreams of winning the majority stake in BET are officially over! The billionaire filmmaker did not meet Paramount's expectations as his bid fell short of the network's $3 billion asking price.

The creator and performer of the beloved character Mabel "Madea" Simmons is well known in the industry for supporting Black entertainment. For this reason, many believed he would move mountains to obtain the Black culture channel.

Unfortunately, the deal was taken off the table when the auction could not find a suitable partner ready to fork the hefty bill and align their goals with the corporation's mission. According to sources, the playwright was the right match, but he wouldn't take the bait.

The sale of BET — which houses the cable channels VH1, BET, and streaming service BET+ — began earlier this summer. Although the auction swiftly received bids from interested parties like the Emmy winner, they all fell short of the $3 billion asking price and other requirements.

According to a source, Paramount did not want someone who could pay the bills without having the right mindset for their company. The insider revealed to The New York Post that the film production and distribution giant hoped for a transaction "which could return the asset to Black ownership."

They wished to negotiate with a "party that could be a good partner and responsible steward of the assets and the mission." Alas, they could not find the perfect match as their ideal candidate; the "I Can Do Bad All By Myself" star only offered a $2 billion bid for BET.

Over the last few weeks, the company reportedly tried convincing the "A Fall from Grace" star to increase his offer. However, the filmmaker, who already has a 25% stake in BET’s streaming service, refused to budge.

Meanwhile, the comedian-turned-media-mogul Byron Allen emerged as the auction's late highest bidder with a nearly $3 billion offer. Nonetheless, Paramount was unimpressed by his bid as they did not have any significant discussions with the 62-year-old, the source claimed.

The informant noted that "Paramount did not want to sell BET to Byron Allen" because the company was worried about the TV producer's "lack of committed financing." With the highest bidder not meeting their expectations and Perry's refusal to meet the asking price, the auction was called off.

Addressing the situation, the source revealed Paramount Global had subtly announced the canceled sale to bidders late Wednesday. The company chose to take the offer off the table because none of the deals could outweigh their interests.

"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," the insider explained.

As stated above, the billionaire actor was initially reported as the next potential owner of BET. The "Why Did I Get Married Too?" producer was up against Black icons like the rapper Diddy, multi-hyphenate entertainer 50 Cent, and basketball superstar Shaquille ‘Shaq’ O’Neal.

However, after months of speculations about who would acquire the Black culture channel, the playwright appeared to lead the bid in June. Opening up about his possible ownership of BET, the father of one confessed:

“I’ve been there for four years now and had tremendous success. If that is possible, I’m very, very interested in taking as much of it as I can.”

If the Jean Hersholt Humanitarian Award recipient had won the bid, BET would have become Black-owned again after two decades. Despite his interest in claiming the network, the 53-year-old was glad to have other Black competitors fighting for the same spot.

Reflecting on the significance of having successful Black men and women ready to pick up the mantle, the New Orleans native gushed: “This is what I love about it. When Bob Johnson [BET co-founder] sold it in 2000, I think it was, there wasn’t one Black person who could buy it.”

“So now, to see all of these Black people, men, and women, who are able to be in a position to buy it? Man, that makes me feel really, really excited,” the Black Music & Entertainment Walk of Fame chimed.