Update: Tyler Perry did not finalize a deal to buy a majority stake in BET Media Group, which includes VH1.
A fake news website spread the rumor that Perry finalized the deal, beating out contenders like Byron Allen, Sean Combs and 50 Cent.
The founder and CEO of Tyler Perry Studios in Atlanta is reportedly balking at the $3 billion price tag for the ailing network.
“He is used to getting his way and is frustrated,” a source said. The final bids are due by mid-July.
The company wants roughly 10 times the $325 million valuation of BET Media Group, according to The NY Post.
According to The Post, Perry, 53, is losing patience with the drawn-out process to acquire the network after making an offer of half the $3 billion asking price.
Media mogul Byron Allen also pitched a deal for the network. Allen, 62, is already a major player in the cable television industry. His portfolio includes Atlanta-based The Weather Channel, Comedy.tv, Pets.tv, and more in Allen Media Group (AMG).
The deal will give the buyer full control over BET Media Group, which also owns VH1. Perry, 53, already owns a minority stake in the streaming service BET+.
BET+ charges $9.99 a month and has yet to score a breakout hit, according to AJC.com’s Rodney Ho.
Media mogul Robert Johnson launched BET (Black Entertainment Television) in 1980 to compete with MTV (Music Television) back when MTV refused to air music videos featuring Black artists.
BET eventually phased out music videos for scripted shows like “The Game” and “Being Mary Jane,” both filmed in Atlanta.
Perry’s net worth was recently stated by Forbes as over $1 billion. So he would need to borrow heavily to meet BET’s asking price.