Byron Allen, Owner Of The Weather Channel & Local Now, Offers to Buy BET For $3.5 Billion

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NEW YORK, NEW YORK – APRIL 26: Byron Allen arrives at the Allen Media Group upfront presentation at Avra on April 26, 2023 in New York City. (Photo by Chance Yeh/Getty Images for Allen Media Group / The Weather Channel)

Byron Allen, the owner of the Weather Channel and Local Now, has offered to buy BET from Paramount for $3.5 billion. This deal would be for BET Media Group and would include VH1, BET Studios, and the streaming service BET+, according to a report from Variety.

Byron Allen reportedly offered $2.7 billion over the summer, but Paramount decided not to sell. At the time, bidders included Allen, Tyler Perry and Sean “Diddy” Combs. Now Allen has since increased his offer.

Acquiring BET Media Group would expand Allen’s empire, Allen Media Group, even further. The mogul currently owns 12 cable networks, including the Weather Channel, JusticeCentral.TV, Cars.TV and Pets.TV, a theatrical movie distribution company and a stable of 28 broadcast stations.

Allen Media Group also produces, distributes, and sells advertising for 73 television shows, making it one of the largest independent producers/distributors of first-run syndicated TV programming for broadcast stations. The company has nearly 2,300 employees.