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Paramount Decides It Won't Sell BET Majority Stake After All
BET won't be sold after all, because Paramount decides it won't sell BET Majority stake. A source who knew about the decision but wasn't allowed to talk about it said that Paramount told buyers late Wednesday night that it was ending the BET Media Group sale process.
James K.Aug 18, 20232812 Shares45362 Views
BET won't be sold after all, because Paramount decides it won't sell BET majority stake. A source who knew about the decision but wasn't allowed to talk about it said that Paramount told buyers late Wednesday night that it was ending the BET Media Group sale process. The person said that after talking to a few very experienced financial advisors, the company decided that keeping a large stake in BET would bring Paramount more value than any of the other options.
Some well-known men who wanted to bid on the stake were actor and director Tyler Perry, music mogul Sean "Diddy" Combs, and businessman Byron Allen. At one point, "The Oval" and "Sistas," two popular shows on Perry's network, made some people think he would be a strong bidder. He also has a small amount of stock in the streaming service BET+.
Paramount Decides It Won't Sell BET Majority Stake
Paramount weighs sale of majority stake in BET Media Group: Report
Reports say that Paramount Global has decided not to sell a majority stake in its BET Media Group. The company said on Wednesday that the bidding process for the unit, which includes VH1 and BET Studios, the streaming service BET+, and the BET channel, would stop. The choice was made because a sale wouldn't help the company get out of debt in a meaningful way.
The company told on Wednesday that it was ending the bidding process for the unit that includes VH1 and BET Studios, streamer BET+, and the BET channel, because "a sale wouldn't result in any meaningful deleveraging of its balance sheet,"said people who were familiar with the situation. Bids ranged from about $2 billion to $3 billion and were sent to Paramount Global.
In March, Varietywas the first to report that a number of well-known people in the entertainment business were interested in buying the majority of BET Media Group. Sean "Diddy" Combs was one of them. He had worked with Paramount Global before on the "Making the Band" series on MTV. Combs also owns the network Revolt, and he sees the possible purchase of BET as a chance to build a global media giant that is owned by Black people.
Tyler Perry also put in a bid. He owns a small share of BET and is responsible for making a lot of the network's shows. Perry was a big part of the 2019 launch of BET+. Byron Allen, who bought the Black NewsChannel for $11 million and has made big investments in NBC, ABC, CBS, and Fox affiliates, has also shown interest in buying the majority share.
On August 7, during the quarterly earnings call for Paramount, CEO Bob Bakish was asked about the possible sale, but he didn't mention BET by name. He said that the company is always looking for ways to make the most money for its shareholders. One way to do this is to sell, buy, or work together on assets. But he didn't say anything else about it.
Many people in the business world were expecting that the BET Media Group would be sold, so this news comes as a surprise to them. The group is made up of the popular TV station BET, the streaming service BET+, VH1, and BET Studios. All kinds of people, especially African American viewers, have been able to find and use these sites.
Paramount Global's choice to keep owning BET is also in line with its overall plan to increase the value of its shares. Some short-term gains can be made by selling assets, but the company may have decided that the long-term promise of BET is more important than any short-term gains from a sale.
In the future, Paramount Global is likely to put most of its attention on growing and improving the BET brand. This could mean spending money on new programming, looking into partnerships with other media companies, and using the network's intellectual property. With a loyal fan base and a well-known brand, BET is in a good situation to keep doing well in a media landscape that is always changing.
Conclusion
Paramount decides it won't sell BET majority stake. After thinking about it for months, Paramount Global has decided not to sell a majority stake in its BET Media Group. Several people, including Tyler Perry and Byron Allen, showed interest in buying a majority stake in the unit, which led to this choice.
Many people are surprised that Paramount Global has decided not to sell a majority stake in its BET Media Group. Industry leaders are interested in the unit, which is made up of the BET channel, BET+, VH1, and BET Studios. But Paramount Global decided to keep stock because it believes the unit will grow and because it is part of a larger plan to maximize shareholder value. As BET continues to do well in the tough media world, viewers can expect to see more interesting and varied material from the network.
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