Black Wealth Watch: BET+ Stake Sold, Keith Lee Invests & More Black Business News

The entertainment landscape continues to shift, with significant moves in Black ownership and creative control making headlines this week. From Tyler Perry’s stake in BET+ changing hands to Michael B. Jordan reclaiming full independence for his marketing agency, and even a surprising investment from TikTok food critic Keith Lee, the business of Black media and entrepreneurship is undergoing a dynamic period. These developments, alongside MacKenzie Scott’s continued philanthropic support of HBCUs, paint a complex picture of progress and ongoing challenges.

Paramount+ Absorbs BET+ and Tyler Perry’s Stake

In a move signaling consolidation within the streaming world, Paramount Global has officially acquired Tyler Perry’s 25% minority stake in BET+, effectively folding the platform into Paramount+. Deadline reports that the transition will be complete by June, with Perry’s popular shows – including “Ruthless,” “Divorced Sistas,” and “All the Queen’s Men” – migrating to Paramount+ within the newly designated BET Hub. While this means the end of BET+ as a standalone service, Perry’s production deal with BET Media Group remains robust, valued in the nine figures and extending through 2028. The Hollywood Reporter notes that Perry will continue as a partner, though the move undeniably represents a shrinking footprint for a dedicated Black-owned streaming space.

Uncle Nearest Faces Legal and Financial Challenges

The acclaimed Uncle Nearest Premium Whiskey is navigating a turbulent period, filing for Chapter 11 bankruptcy protection while simultaneously pursuing legal action against its lender, Farm Credit Mid-America. Founders Fawn and Keith Weaver allege that the bank engaged in a deliberate smear campaign, circulating false accusations of financial misconduct and inventory issues, even while possessing contradictory documentation. Essence details the accusations, which include claims of deliberately spreading misinformation to potential investors. Despite the bankruptcy filing, Uncle Nearest maintains that production and shipping will continue uninterrupted, and Fawn Weaver, currently appearing as a guest “Shark” on ABC’s “Shark Tank,” has publicly vowed to fight for the brand she built. The situation highlights the challenges faced by Black-owned spirits brands in a competitive market and the potential for systemic obstacles to growth.

Obsidianworks Reclaims Independence

Michael B. Jordan’s marketing agency, Obsidianworks, has successfully bought back its independence from 160over90, the agency that invested $20 million in 2021. Afrotech reports that this move was always part of the long-term plan, with 160over90 having provided crucial infrastructure support to facilitate Obsidianworks’ growth. Co-founder Chad Easterling emphasizes the agency’s ambition to capitalize on the “Great Wealth Transfer,” the projected shift of trillions of dollars in assets to younger, more diverse consumers. Obsidianworks’ focus on connecting brands with culturally driven audiences positions it to play a key role in this evolving economic landscape.

Keith Lee Invests in Brooklyn Dumpling Shop

TikTok sensation Keith Lee, known for his honest and influential restaurant reviews, has taken his commitment to the food industry a step further by becoming a formal investor in Brooklyn Dumpling Shop. MSN details that this isn’t a typical influencer deal; Lee has secured an equity partnership, signaling a long-term commitment to the fast-growing Asian-inspired fusion chain. With 22 locations and expansion plans underway in major cities, Brooklyn Dumpling Shop represents Lee’s first foray into restaurant ownership, built on the foundation of trust and authenticity that has defined his online presence.

MacKenzie Scott’s Continued Support for HBCUs

Elizabeth City State University (ECSU) in North Carolina received a transformative $42 million gift from philanthropist MacKenzie Scott on March 13th. ECSU announced that the funds will be allocated to scholarships, academic programming, and campus improvements as part of the university’s ASCEND 2030 plan. This donation, nearly triple Scott’s previous $15 million gift in 2020, underscores her ongoing commitment to supporting Historically Black Colleges and Universities at a critical time. Scott has donated over $26 billion since making her pledge, consistently prioritizing institutions that serve underrepresented communities.

These developments collectively illustrate a complex moment for Black entrepreneurship and media ownership. While consolidation and financial challenges exist, the continued investment in Black-owned businesses and the philanthropic support of HBCUs offer a glimmer of hope and a pathway toward greater economic empowerment.

Looking Ahead: Navigating a Shifting Landscape

The coming months will be crucial for observing how these shifts play out. For Tyler Perry, maintaining creative control within the Paramount+ framework will be key. The outcome of Uncle Nearest’s bankruptcy proceedings and legal battle will set a precedent for Black-owned spirits brands facing similar challenges. Obsidianworks’ renewed independence will be tested as it navigates the evolving marketing landscape, and Keith Lee’s investment in Brooklyn Dumpling Shop will be a fascinating case study in the power of influencer equity. And, of course, the impact of MacKenzie Scott’s generosity on ECSU and other HBCUs will be felt for generations to come.