*Paramount is reportedly in talks to sell BET for $1.6 billion to $1.7 billion to a group of buyers, including BET CEO Scott Mills and CC Capital founder Chinh Chu.
According to Bloomberg, Paramount Global’s co-CEOs hired bankers to explore selling certain assets, including BET. The BET Media Group comprises the BET cable channel, VH1 and other networks; the BET+ streaming service; and BET Studios.
The current reported price range for BET is less than half of the $3.5 billion offer media mogul Byron Allen made to Paramount Global in late 2023. Previous bidders included Tyler Perry and Sean “Diddy” Combs.
We reported previously that Paramount Global backed away from the sale in August, saying it 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.
Scroll to continue reading
According to the Bloomberg report, negotiations are back on, with the group discussing an offer of $1.6 billion to $1.7 billion.
Variety reports that the three execs running Paramount Global are George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon. The trio “have outlined a three-pronged strategy of job cuts, asset sales and streaming partnerships to right the ship,” the outlet writes.
Another major asset Paramount Global is anticipated to put on the market is the approximately 62-acre Paramount Pictures Studio lot in L.A.
As Variety reports, Cheeck noted at the June 25 employee town hall that Paramount’s co-CEOs are “looking at selling certain Paramount-owned assets” and said, “in fact, we’ve already hired bankers to assist us in this process — and we’ll use the proceeds to help pay down debt and strengthen our balance sheet.”
READ MORE FROM EURWEB.COM: Paramount Resumes Negotiations to Sell BET Network
