Byron Allen, comedian, TV producer and media mogul, says he’s interested in acquiring BET Media Group, the Paramount Global unit that runs the cable TV channels Black Entertainment Television and VH1.
(Bloomberg) — Byron Allen, comedian, TV producer and media mogul, says he’s interested in acquiring BET Media Group, the Paramount Global unit that runs the cable TV channels Black Entertainment Television and VH1.
“This is a phenomenal asset, they’re running a process, we’re part of it,” Allen said in an interview with Bloomberg TV’s Romaine Bostick on the sidelines of the Milken Institute Global Conference in Beverly Hills. “This is something that used to be Black-owned, and now is the time for it to go back into Black ownership, which is very important.”
Paramount is considering selling a majority stake in BET. Actor and filmmaker Tyler Perry, who is an investor in the company’s BET+ streaming service, has also had discussions about buying a stake in the larger enterprise. Allen Media Group LLC controls dozens of TV stations and other assets, including the Weather Channel cable network.
BET, founded by businessman Robert L. Johnson, was sold to Viacom in 2001 for total consideration of about $3 billion. The company maintains strong relations with some of the most successful Black entertainment creators. Actors and producers, including Kenya Barris and Rashida Jones, are investors in BET Studios, a production company.
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