It appears Black Entertainment Television (BET) will remain in the hands of its current owner, Paramount, after the company announced that it was no longer interested in selling its majority stake. This news comes as a disappointment to many members of the Black community who were hoping that BET would become Black-owned once again.
Tyler Perry, Sean “Diddy” Combs, and Byron Allen were just a few of the interested parties looking to secure the majority stake. Their interest was not surprising since BET serves as the platform for Perry’s popular shows “Sistas,” “The Oval,” and “House of Payne.”
According to The Wall Street Journal, Paramount cited that “a sale wouldn’t result in any meaningful deleveraging of its balance sheet,” as their reasoning for abandoning the plans. Paramount has officially called off the sale for bids ranging from $2 billion to $3 billion
While the decision not to sell is a setback for some, it also brought others attention to an important detail. The fact that there were multiple bidders for BET shows that there is a great deal of interest in Black-owned media. It’s a testament to the strength and importance of representation, and a reminder that diversity in media ownership is vital.
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Furthermore, the Black community are on a positive mission to seize any opportunity for Black creatives to tell their stories and have their voices heard. From digital media to independent production companies, there are a variety of outlets available to showcase Black talent and perspectives.
Plus, let’s not forget the unexpected silver lining in all of this. In the words of Tyler Perry himself, who had told Entertainment Tonight. “When [BET co-founder] Bob Johnson 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.” It’s a testament to the growth and success of Black entrepreneurs and business leaders, and that’s something to celebrate.
In the end, it emphasises the change taking place by taking ownership of their own narratives and not relying on others to do it. By continuing to create and support Black-owned media, these stories can be told authentically and without compromise.
