Integrating highly efficient luminescent dyes into poly(methyl methacrylate) matrices with well-defined parameters, such as degree of polymerization and dispersity, is a key step in the development of emerging technologies such as fiber-based solar collectors, sensors, contactless coupling devices and integrated light sources. In this work, four perylene-based fluorescent dyes, perylene from Sigma-Aldrich, Lumogen F Yellow 083 from BASF, Perylene Orange from TCI and Lumogen F Red 300 from BASF, were polymerized in bulk with methyl methacrylate. The molecular weight distribution was controlled by the ratio between the chain transfer agent and initiator and was measured by size exclusion chromatography. A dopant-dependent increase in the degree of polymerization, in which the dye causes a drop in the concentration of active growing polymer chains, was observed. Spectroscopic online monitoring of the process in transmission mode confirmed this observation and indicated the formation of stable perylene radicals during the polymerization. Comparative experiments with fluorescent (metal) organic dyes did not show a similar effect. Fitting models for the dye-dependent molecular weights for Lumogen Yellow and Lumogen Red are proposed.