Tyler Perry is reportedly all for buying a majority stake in BET Media Group, as Paramount Global appears to be like to promote its controlling stake of the media unit.
The Wall Street Journal was first to report Monday that Paramount was attention-grabbing in promoting its stake in BET Media — which incorporates cable channels BET and VH1 and streaming service BET+ — because it appears to be like to streamline operations and bolster its principal streaming service, Paramount+.
The Journal later reported that Perry — a billionaire author, actor and producer who presently owns a minority stake in BET+ — was in talks to take a majority curiosity in BET Media, which caters largely to Black audiences.
According to the Journal, BET Media’s minority-investor setup complicates its integration with Paramount+. Aside from Perry, author/producer Kenya Barris and actress/producer Rashida Jones are amongst these proudly owning stakes in BET Studios.
Perry has longstanding relationships with each BET and Paramount, together with a deal to create reveals for Paramount via his eponymous studio. The Journal reported that if Perry had been to amass a majority stake, BET and Paramount would proceed to have a working relationship.
Perry is seemingly not the one one all for buying BET: Byron Allen, who owns The Weather Channel amongst different media holdings, can be pursuing a deal, in accordance with the Hollywood Reporter.
In January, Paramount Global introduced that Paramount+ and Showtime would primarily merge later this yr, and in February, Chief Executive Bob Bakish stated Paramount+ will elevate its subscription costs later this yr as properly.
Paramount shares
PARA,
are up greater than 30% yr so far, although are down 34% over the previous 12 months, in comparison with the S&P 500’s
SPX,
5.4% achieve in 2023 and three.6% decline over the previous yr.
Source web site: www.marketwatch.com
