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.