Tyler Perry and Viacom Inc.'s BET Networks are teaming up for a new subscription streaming service, the Wall Street Journal initially reported this week.

» RELATED: Taraji P. Henson says Tyler Perry was the first to pay her half a million for a role

The new service, called BET+, will target black viewers and will feature titles from Tyler Perry Studios, plus TV shows and movies from Viacom’s MTV, VH1 and Comedy Central.

Viacom executives expect the cost to be more than the current $3.99 Comedy Central Now service, according to WSJ.

Perry is slated to announce the new fall offering at the BET Awards on Sunday, June 23. He'll also be receiving the Ultimate Icon Award in honor of his cultural impact in the entertainment industry during the ceremony.

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