The race to buy the BET Network has been fast and fierce. Last month, Tyler Perry said to buy as much of the network as he could. Meanwhile, other prominent bids have been submitted by Byron Allen, the Travis Montaque-led Group Black, and Diddy. However, Perry and Allen had risen to the forefront of the bidding war. Perry has worked with the BET Network for many years now.
The BET Network was founded in 1980 by Robert L. Johnson, a former cable lobbyist. The aim was to create a television network that catered to the blossoming Black television consumer base. In 2001, Viacom purchased BET Network. At the time, the network was sold for $3 billion. The BET Network has become the foremost network for Black-centric content, both scripted and unscripted.
New Bid For BET
However, a new bid has reportedly emerged to buy the network. 50 Cent, Shaq, and television mogul Kenya Barris have reportedly launched a joint bid. This was seemingly confirmed by TMZ spotting the trio outside of Paramount headquarters this week. The bid is reportedly being financed by investment firm CVC. What's more, the bid is allegedly now the frontrunner to buy the network. "It's not a done deal, but they're deep in it," a source told TMZ. They could threaten the bids of Perry and Allen. Perry especially seemed like a prominent bidder, especially given his long-standing relationship with the network herself.
The three figureheads of the bid are all having something of a renaissance. 50 Cent recently announced a global tour to celebrate the 20th anniversary of "Get Rich Or Die Trying". Shaq is making music again. Meanwhile, Barris directed the Netflix comedy You People and penned the remake of White Men Can't Jump on Hulu. They have not officially announced their bid, nor has Paramount made a statement. Despite this, it would still fulfill Perry's desire to see the BET Network retain Black ownership. However, any updates on the situation will be here on HotNewHipHop.
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