Tyler Perry will not be buying BET, Paramount decides to keep

ATLANTA - Entertainment mogul Tyler Perry, alongside a cohort of prominent contenders including Sean "Diddy" Combs and businessman Byron Allen, has found disappointment in their pursuit to acquire the BET Network. This outcome transpired after Paramount resolved not to proceed with the sale, sources reveal.

Paramount, the company at the center of this decision, reportedly communicated their verdict to the bidders earlier this week. Tyler Perry, recognized for his prolific contributions to the entertainment industry, was among the notable figures keenly interested in obtaining the B-E-T Network. His endeavors encompass an array of successful shows on the network, such as "SistAs" and "The Oval." Perry also owns a minority stake of the BET+ streaming service.

The BET Network has served as a crucial platform for Black representation and storytelling for decades. Its significance in promoting diversity and inclusion within the entertainment landscape is widely acknowledged. The decision to not proceed with the sale, while disappointing for those involved, reflects the intricate considerations surrounding the network's future.

Tyler Perry Studios, which has produced 24 feature films and 17 television shows, is based in metro Atlanta.