*Paramount’s newly appointed chairman and CEO, David Ellison, has put an end to rumors about selling BET Networks.
According to TheWrap, during a Los Angeles press conference on Wednesday, Ellison emphasized the company’s commitment to retaining its assets. “What I would say is, like we had in the conversation with Shari [Redstone] when we had the first meeting actually about the company, is our intention is to keep the company together and invest through the lens of long-term operation,” he stated. This decision follows Paramount’s earlier pause on BET sale talks in 2023.
Black Entertainment Television (BET) was founded by Robert Johnson in 1980 and acquired by Paramount for $2.3 billion in 2000. Today, the BET Media Group includes BET Gospel, BET HER, BET International, BET Jams, BET Soul, BET Studios, the BET+ streaming service, and VH1. In the past, notable figures such as Tyler Perry, Byron Allen, Sean Combs, and Group Black have expressed interest in acquiring BET.
We reported previously that Perry was allegedly the frontrunner to buy the network. However, the movie mogul was unwilling to pay the $3 billion asking price, according to the Daily Mail. During a Bloomberg Equality Summit in Atlanta, Perry said he was “disappointed’ with how Paramount handled the process.
“I was disappointed about it for a number of reasons,” he said, per The Atlanta Journal-Constitution. “The way it happened was disrespectful in a lot of ways.”
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Perry didn’t go into much detail, but added, “Don’t try to get me to pay for something that’s not worth anywhere near the value.”
When asked if he would reconsider if Paramount offered BET again, Perry replied, “No.” The award-winning filmmaker is a longtime partner with BET, which airs many of his shows.
“God bless them,” he added of Paramount. “I’m still working with them. I wish them the best.”
Sale rumors resurfaced in July 2024 when Bloomberg reported that BET CEO Scott Mills and Chinh Chu of CC Capital were exploring a purchase. However, Ellison’s recent comments align with New Paramount president Jeff Shell’s stance. Shell told TheWrap that spinning off cable networks like BET, MTV, or Comedy Central is not in Paramount’s plans.
MORE NEWS ON EURWEB.COM: Tyler Perry Supports BET Sale Led by CEO Scott Mills
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