The landscape of Black wealth and entrepreneurship saw significant movement this week, from shifts in media ownership to strategic investments and a boost for historically Black colleges and universities. Several key developments—including Paramount Global’s acquisition of Tyler Perry’s stake in BET+, Michael B. Jordan’s Obsidianworks regaining full independence, and TikTok influencer Keith Lee’s investment in Brooklyn Dumpling Shop—highlight a dynamic period for Black-owned businesses and creative ventures. These events, coupled with MacKenzie Scott’s continued philanthropic efforts, underscore both the opportunities and challenges in building and sustaining Black economic power.
These developments aren’t isolated incidents. they represent a broader trend of Black entrepreneurs and creatives taking greater control of their narratives and financial futures. From navigating complex media landscapes to leveraging the power of social media and securing substantial philanthropic support, the stories of this week demonstrate the multifaceted nature of Black wealth creation in the 21st century.
Paramount’s Acquisition of BET+ Stake and the Future of Black Media
A significant shift occurred in the streaming world as Paramount Global completed its acquisition of Tyler Perry’s 25% minority stake in BET+, as reported by Deadline. Effective in June, BET+ will be folded into Paramount+, with Perry’s content—including popular series like Ruthless, Divorced Sistas, and All the Queen’s Men—migrating to the Paramount+ BET Hub. While Perry’s production deal with BET Media Group remains intact through 2028, valued in the nine-figure range according to The Hollywood Reporter, the move consolidates Black-focused streaming content under a larger corporate umbrella.
This acquisition raises questions about the future of independent Black media spaces. While Perry maintains a creative partnership, the loss of a minority ownership stake in a dedicated platform signals a potential reduction in Black control over content distribution and revenue streams. The move is part of a larger strategy by Paramount to streamline its streaming services and leverage its existing content library, but it also highlights the ongoing challenges faced by Black-owned media companies in competing with larger, well-funded corporations.
Uncle Nearest Navigates Legal and Financial Challenges
The acclaimed Black-owned distillery Uncle Nearest is facing a complex situation involving allegations of misinformation and financial restructuring. Founders Fawn and Keith Weaver filed a lawsuit in New York against Farm Credit Mid-America, their primary lender, accusing the institution of deliberately spreading false information about the company’s financial health. The suit alleges that Farm Credit circulated claims of missing inventory and insolvency, despite possessing contradictory documentation, as detailed in a report by the Kentucky.com.
Simultaneously, Uncle Nearest filed for Chapter 11 bankruptcy protection, a move designed to allow the company to restructure its finances without ceasing operations. The distillery maintains that production and shipping will continue uninterrupted throughout the restructuring process. Fawn Weaver, who is currently appearing as a guest “Shark” on ABC’s Shark Tank, has publicly addressed the situation, expressing her determination to protect the brand she built. This case underscores the challenges faced by Black-owned businesses in securing fair lending practices and navigating complex financial landscapes.
Obsidianworks Reclaims Independence, Targeting the Great Wealth Transfer
Michael B. Jordan’s marketing agency, Obsidianworks, has regained full independence after buying back its stake from 160over90, a move initially made in 2021 with a $20 million investment, as reported by the Wall Street Journal. Co-founder Chad Easterling stated that the buyback was always part of the long-term plan, with 160over90 having helped build the necessary infrastructure for growth.
Obsidianworks is strategically positioned to capitalize on what’s being called the “Great Wealth Transfer”—the projected $124 trillion shift in assets from Baby Boomers to younger generations, according to Afrotech. The agency’s focus on connecting brands with diverse, culturally driven audiences aligns with the spending habits and values of this emerging demographic, presenting a significant opportunity for growth and influence.
Keith Lee’s Investment in Brooklyn Dumpling Shop
TikTok food influencer Keith Lee has expanded his influence beyond reviews by becoming a formal investor in Brooklyn Dumpling Shop, a fast-growing Asian-inspired fusion chain with 22 locations. Lee’s investment, as reported by MSN, marks his first foray into restaurant ownership as an equity partner. This move demonstrates the growing power of social media influencers to directly impact businesses and capitalize on their established trust with audiences.
Unlike typical influencer marketing deals, Lee’s investment is a long-term commitment, reflecting his belief in the brand’s potential. His reputation for honest and unbiased reviews has garnered a loyal following, and his investment signals a vote of confidence in Brooklyn Dumpling Shop’s business model and culinary offerings.
MacKenzie Scott’s Continued Support of HBCUs
Elizabeth City State University (ECSU) in North Carolina received a transformative $42 million gift from philanthropist MacKenzie Scott, announced during the university’s Founders Day Convocation on March 13th, according to ECSU’s official news release. This donation, nearly triple the $15 million Scott previously gifted to the school in 2020, will be allocated to scholarships, academic programs, and campus improvements as part of ECSU’s ASCEND 2030 plan.
Scott’s continued support of Historically Black Colleges and Universities (HBCUs) is a significant boost to institutions that have historically been underfunded. Her total philanthropic giving now exceeds $26 billion, and her focus on HBCUs reflects a commitment to addressing systemic inequities in higher education and empowering Black communities.
Looking ahead, the coming months will be crucial for these developments. Paramount’s integration of BET+ will be closely watched for its impact on Black content creation and distribution. The outcome of Uncle Nearest’s bankruptcy restructuring will determine the future of the distillery and its founders’ vision. Obsidianworks’ independent trajectory will reveal its ability to capitalize on the evolving marketing landscape. And MacKenzie Scott’s continued philanthropy promises to reshape the landscape of HBCU funding. These stories, and others like them, will continue to shape the narrative of Black wealth and entrepreneurship in the years to reach.
What are your thoughts on these developments? Share your perspectives in the comments below and help us continue the conversation about Black economic empowerment.
