Tyler Perry is one of several moguls interested in taking over the BET network, which was recently reported to be for sale by its owner Paramount Global. Other potential bidders include Byron Allen and Sean “Diddy” Combs. The sale would involve the namesake linear network and its spinoff channels, as well as the fledgling streaming service BET+. But the cable TV industry is in crisis, and new owners may struggle to compete with larger rivals.
History
BET began as a black-oriented cable television station. Its founder, Robert L. Johnson, believed that African Americans were fiercely brand loyal and tended to watch shows that featured their culture. Johnson hoped to achieve revenues by selling airtime to advertisers. He also expected to earn revenue from the sale of products through a new subsidiary, Paige Publications Inc. The company launched the magazine Young Sisters and Brothers in 1991, which focused on a variety of lifestyle topics.
In 1996, بت کمپانی became the first African American-owned company to list on the New York Stock Exchange. Johnson also diversified into direct marketing by launching BET on Jazz, a pay-per-view movie channel.
The news of a potential sale has sent shockwaves through the entertainment industry, but it is not yet clear when the bids will be accepted. One source says that Paramount may keep a sizable ownership stake in a spun-off BET Group, and it will likely guarantee that certain BET- and VH1-produced shows get funneled to its streaming service Paramount+.
Regulations
When BET was launched in 1980, it was one of a handful of black-owned and controlled media outlets. But the company lost ground in the late 1990s when Washington lawmakers repealed a tax policy benefiting minority owners and cable TV networks began competing with each other for viewers. In the resulting shakeout, many minority-owned companies sold out to larger white media conglomerates.
As legal betting in the United States takes hold, some politicians are pushing for tighter regulation of sports gambling companies. The SAFE Bet Act would require companies to display gambling hotline numbers, conduct affordability checks and limit customer deposits to five per day. It also calls for a surgeon general’s report on sports betting and a national clearinghouse for people who want to opt out of contact with betting sites.
While the linear network is generating less revenue than it once did, it still generates significant sums in subscription fees and advertising sales. In addition, the company’s streaming service, BET+, has been gaining traction.
Customer Service
BET is a media company that operates television channels and premium services that cater to African Americans. The company is based in Los Angeles and oversees television channels such as BET, BET Jazz, and BET News. In addition, it also owns the Showtime cable network and streaming platform. The company has several competitors, including the WB and other cable channels that offer programming targeted to African Americans.
BET’s Responsible Gaming policy is designed to prevent underage gambling by limiting access time, deposits and wager amounts. The company also partners with PENN Entertainment to provide tools and resources for problem gamblers. In addition, the company’s employees are committed to fostering a positive environment for responsible gaming. The company is a publicly traded company on the New York Stock Exchange.
Signing Up
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In addition to its namesake cable channel, BET also has a sibling channel VH1; the fledgling streaming network BET+; several spinoff channels like BET Her and BET Jams; and the production company BET Studios. In all, the BET Media Group has more than 20 million cable and streaming subscribers. The company is known for its content that connects with black audiences. However, many critics have argued that the programming is too focused on rap music videos, old sitcoms with stereotyped characters, and infomercials. BET’s recent sale to Viacom is expected to give it a boost in its audience and advertising rates. The two companies will begin a push for BET advertising with Viacom’s current cable advertisers.
More Words
BET’s current portfolio includes its namesake cable network, VH1; spinoff channels like BET HER and BET Jams; and production studio BET Studios. It also boasts the Tyler-created streaming service BET+. A buyer would benefit from the networks’ proven brand equity. And it would allow it to bargain harder with cable providers, much as Disney and NBCUniversal do with their large portfolios of networks
