Business
Tyler Perry reportedly makes history as first African American to acquire 2 Major TV Networks
In a major development for the entertainment industry, BET has become Black-owned once again after 21 years, while VH1, for the first time, now also boasts an African American owner.
According to his longtime friend and television personality Rolanda Watts, Tyler Perry has cemented his place in history by acquiring the two major television networks, making him the first African American to do so.
The acquisition follows the news that Paramount Global has sought to sell a majority stake in BET.
Earlier this year, the renowned actor, filmmaker, director, producer and entrepreneur expressed optimism about purchasing BET, stating his keen interest if it were a possibility.
The exact financial details of the deal have not been disclosed, but experts on this sort of transaction have placed a significant value on the acquisition of the two networks.
With the purchase, Perry assumes control over BET Media Group, which includes other networks such as VH1.