Paramount Rejects Tyler Perry and Byron Allen, BET Remains Unsold

Paramount Global has decided not to sell the majority stake of BET Networks, notifying bidders including Tyler Perry, Sean "Diddy" Combs, and Byron Allen of its decision. The company determined that maintaining a heavy stake in BET creates more value for Paramount than any of the proposals. BET, originally started by Robert and Sheila Johnson in 1980, has seen a decline in subscribers and revenue over the past decade. The network's acquisition could have included the cable channel VH1 and the streaming service BET+. BET has taken a new approach in recent years, focusing on more family-oriented shows and events like the BET Awards.