50 Cent has proven that he’s quite the expert in the film and television world, but “network owner” will not be added to his impressive résumé just yet.
Back in May, the G-Unit mogul revealed that he was interested in being a part-owner of BET, the iconic Black network currently in Paramount’s portfolio of networks that also includes MTV, VH1, and Nickelodeon.
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At that time, he joined a group alongside director Kenya Barris and NBA legend Shaquille O’Neal in a bid to acquire the BET Media Group. The trio also enlisted the help of a CVC investment firm.
However, on Friday (August 18), the Power executive producer took to Instagram to reveal that he’d failed to secure the network after Paramount hiked up their asking price — and he wasn’t best pleased about it.
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“We will get them next time, @shaq that shit wasn’t worth 3,000,000,000. #bransoncognac #lecheminduroi,” he wrote.
Check out his post below:
The news of 50 Cent’s failure to purchase the network comes hot on the heels of Tyler Perry’s own bid for BET falling through. Paramount refused to accept Perry’s offer of $2billion, especially since Paramount made clear that the opening auction bid was $3billion.
Despite previously promising to go forward with the sale, Paramount officially announced its cancellation on Wednesday (August 16).
“We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received,” a source close to Paramount told the outlet.
While Paramount claimed that it wanted to return the ownership of BET to a Black man or woman and felt that Perry would be a “good steward” to oversee the operation, the final answer came down to a matter of dollars and cents.
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Tyler Perry first expressed interest in purchasing the iconic network back in March, though fellow media mogul Byron Allen of Allen Media Group has also expressed interest in the sale.
The Madea creator already owns a minority stake in the operation, of which VH1 also falls under the umbrella of, BET+ and BET Studios. He also has a long-standing relationship with the network.
