The renowned mogul 50 Cent loses bid to own BET. In May, the G-Unit mogul announced his aspirations to become a part-owner of BET, the iconic Black network under Paramount’s umbrella alongside MTV, VH1, and Nickelodeon.

Despite being celebrated for his acumen in the film and television industry, he will not be adding “network owner” to his impressive repertoire.

Teaming up with director Kenya Barris and NBA legend Shaquille O’Neal, 50 Cent loses bid to acquire the BET Media Group. The trio also engaged the support of a CVC investment firm.

However, on Friday (August 18), the executive producer of Power took to Instagram to share the news of his bid’s unfortunate outcome. Paramount’s inflated asking price left him unable to secure the network, and his response was unvarnished displeasure.

This setback for 50 Cent follows closely on the heels of Tyler Perry’s own unsuccessful bid for BET ownership. Paramount rejected Perry’s $2 billion offer, sticking to their stipulated auction starting point of $3 billion.

The cancellation of the BET sale was officially confirmed by Paramount on Wednesday (August 16), despite prior indications of moving forward.

A source close to Paramount explained, “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.”

While Paramount aimed to restore BET ownership to a Black individual, recognizing Perry as a potential steward for the operation, the eventual decision revolved around financial considerations.

Tyler Perry’s interest in acquiring the iconic network emerged in March. Meanwhile, fellow media mogul Byron Allen of Allen Media Group has also expressed his intent to participate in the sale.

Perry, already holding a minority stake in the operation along with VH1 and BET Studios, maintains a longstanding connection with the network.