*Paramount Global has reportedly resumed negotiations to sell the BET network to a management-led investor group.
The announcement comes after Byron Allen, founder and CEO of Allen Media Group, announced that he wants to acquire the entity for $3.5 billion, Variety reports.
In the email to Paramount executives, Allen wrote, “You are pursuing an inside sale at a below-market price with management that will not yield the highest price for the stockholders. We believe it would be an egregious breach of fiduciary duty by the Paramount Global management team and board of directors if BET is sold for anything less than the highest price, particularly, in order to provide a sweetheart deal to an insider at the expense of public shareholders.”
Earlier this year, Allen bid $2.7 billion when Paramount Global announced in March that it was exploring the sale of BET, which includes the BET cable channel, VH1, BET Studios, and streaming service BET+.
Previous bidders included Tyler Perry and Sean “Diddy” Combs.
Paramount Global backed away from the plan in August, saying the sale would not generate enough profits.
“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,” a source from Paramount reportedly told the New York Post, according to Vibe.
Reuters reports that the new potential buyers include BET Chief Executive Officer Scott Mills and former Blackstone executive Chinh Chu.
According to the report, a sale price of $2 billion is being discussed.
BET was founded by Robert Johnson in 1980 and was acquired by Viacom in 2001 in a deal worth $3 billion.
READ MORE: Byron Allen Renews Offer to Buy BET for $3.5 Billion
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