The sale of BET ended after no one was able to reach the rumored asking price of $3 billion. According to 50 Cent, it wasn’t worth that number. Posting an image that stated 50 Cent and Shaq could not combine for the purchase, the rapper and TV exec said: “We will get them next time @Shaq, that shit wasn’t worth 3,000,000,000.”
Paramount Global has called off the sale of BET Media Group. A potential sale is said, “wouldn’t result in any meaningful deleveraging of its balance sheet.”
According to Wall Street Journal, BET Media Group was purchased for $2.3 billion in 2000. The media group featured VH1, BET Studios, and the eventual BET + streaming service. Over the years, BET’s viewership has decreased, and Paramount was looking to offset those losses and additionally created by the Paramount+ streaming service.
In the sale, Paramount hoped to keep a minority stake and saw bids between $2 billion and $3 billion. Bidders ranged from Tyler Perry to Diddy. For now, the property will remain with Paramount.
Paramount Global has called off the sale of BET Media Group. A potential sale is said, “wouldn’t result in any meaningful deleveraging of its balance sheet.”
According to Wall Street Journal, BET Media Group was purchased for $2.3 billion in 2000. The media group featured VH1, BET Studios, and the eventual BET + streaming service. Over the years, BET’s viewership has decreased, and Paramount was looking to offset those losses and additionally created by the Paramount+ streaming service.
In the sale, Paramount hoped to keep a minority stake and saw bids between $2 billion and $3 billion. Bidders ranged from Tyler Perry to Diddy. For now, the property will remain with Paramount.
One of the most significant entertainment media sales in recent years has apparently been called off. Moreover, new reports from the New York Post indicate that Paramount is no longer selling BET, which was a prospect that bolstered Black entrepreneurs, businessmen, and entertainers to take ownership of the Black-centered network. Not only that, but the cancellation of a $3 billion auction for BET was reportedly because Tyler Perry’s offer for it was too low. Many looked to him as the creative who seemed best poised to acquire the company under his leadership. However, with this new report, it seems like its future still hangs in the balance.
Furthermore, the Post‘s article cites an allegedly close source to Paramount, who said that they notified bidders of the decision on Wednesday (August 16). “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,” the source reportedly told the publication. Another bidder in this debacle was a similarly legendary executive, Byron Allen, who also had a lot of public support.
Regardless, the report suggest that the source painted Paramount as a conglomerate that sought a sale “which could return the asset to Black ownership.” In addition, they apparently wanted a “party that could be a good partner and responsible steward of the assets and the mission.” Apparently, JPMorgan, Paramount’s sell-side bank, failed to provide financing to suitors upon the auction’s commencement, thus placing doubt in BET Group’s strength. Also, it didn’t predict BET’s earnings during the process, which caused further concern, and the source claimed that Allen offered $3 billion for it late in the game.
Meanwhile, the Post‘s report also alleged that Paramount wanted Perry to push his offer up some more. It’s important to note that he already owns a 25% stake in BET+, the media company’s streaming service. As such, it seems like it will be a little longer until we know for sure what will happen to BET, and how hopeful owners circumvent this. For more news and the latest updates on the potential sale of BET, stay up to date on HNHH.
One of the most significant entertainment media sales in recent years has apparently been called off. Moreover, new reports from the New York Post indicate that Paramount is no longer selling BET, which was a prospect that bolstered Black entrepreneurs, businessmen, and entertainers to take ownership of the Black-centered network. Not only that, but the cancellation of a $3 billion auction for BET was reportedly because Tyler Perry’s offer for it was too low. Many looked to him as the creative who seemed best poised to acquire the company under his leadership. However, with this new report, it seems like its future still hangs in the balance.
Furthermore, the Post‘s article cites an allegedly close source to Paramount, who said that they notified bidders of the decision on Wednesday (August 16). “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,” the source reportedly told the publication. Another bidder in this debacle was a similarly legendary executive, Byron Allen, who also had a lot of public support.
Regardless, the report suggest that the source painted Paramount as a conglomerate that sought a sale “which could return the asset to Black ownership.” In addition, they apparently wanted a “party that could be a good partner and responsible steward of the assets and the mission.” Apparently, JPMorgan, Paramount’s sell-side bank, failed to provide financing to suitors upon the auction’s commencement, thus placing doubt in BET Group’s strength. Also, it didn’t predict BET’s earnings during the process, which caused further concern, and the source claimed that Allen offered $3 billion for it late in the game.
Meanwhile, the Post‘s report also alleged that Paramount wanted Perry to push his offer up some more. It’s important to note that he already owns a 25% stake in BET+, the media company’s streaming service. As such, it seems like it will be a little longer until we know for sure what will happen to BET, and how hopeful owners circumvent this. For more news and the latest updates on the potential sale of BET, stay up to date on HNHH.
Paramount+ has announced the premiere of MIXTAPE, a new documentary that delves into the influential role of mixtapes in launching hip-hop into mainstream culture. The film will exclusively debut on the streaming service on August 1 in the U.S. and Canada, and on August 2 in the U.K., Australia, Latin America, and Brazil, with additional international markets to follow later in the year.
MIXTAPE tells the story of how hip hop persevered and thrived through mixtapes, with DJs serving as tastemakers and creators of the genre’s sound. The documentary highlights the cultural significance of mixtapes as currency and indicators of being “in the know.”
“Hip-Hop is 50 years old and I can’t think of a better way to celebrate its journey and contextualize its evolution than through the story of the mixtape. Every voice in this film played a critical role, especially the DJs who, as KRS-ONE says beautifully in the film, risked everything to ‘bring us the music’,” said Omar Acosta, director of MIXTAPE.
Producer Tony Touch added, “It’s an honor to be involved in this film and to help tell the real story of the mixtape, its origins, its impact, and its ongoing relevance for the culture.”
The MIXTAPE features interviews with a star-studded lineup of artists and industry figures, including 2 Chainz, A$AP Rocky, DJ Khaled, Lil Wayne, Mike Tyson, and more. Produced by MTV Entertainment Studios, Mercury Studios, and Saboteur Media in association with Def Jam Recordings, “MIXTAPE” is directed by Omar Acosta and produced by David Kennedy, Tony Touch, Nick Quested, and Daniel Seliger. The official soundtrack, titled “The Def Tape,” is set to be released in August via Def Jam Recordings.
There’s an age-old question that pops up whenever a rap newcomer first comes across something like Lil Wayne’s No Ceiling projects: what’s the difference between an album and a mixtape? Moreover, there are many metrics that people might use to distinguish them: quality control, recording process, release methods, etc. A common thread across these discussions, though, is the vitality and importance of the mixtape to the hip-hop genre. Furthermore, these projects are often uninhibited, sometimes obscured by the passage of time, but forever influential and freeing for artists- if done well. Whatever era of hip-hop you look at, at least a good handful (if not a treasure trove) of killer mixtapes awaits.
However, the same era they thrived in is no longer what we see in the music landscape. Speaking of No Ceilings, Weezy himself said that it would be more difficult and less alluring to drop a mixtape in today’s day and age, what with sample clearances, overloaded release schedules, and so on. With all this history in mind, Paramount+ is taking a deep dive into the importance of the medium with the documentary MIXTAPE. Premiering exclusively on the streaming service on August 1 in the U.S. and Canada and on August 2 in other international markets, the film will explore how mixtapes breathed life into rap music.
HOLLYWOOD, CALIFORNIA – JULY 12: Lil Wayne performs onstage during The 2023 ESPY Awards at Dolby Theatre on July 12, 2023 in Hollywood, California. (Photo by Kevin Mazur/Getty Images)
Of course, these aren’t exactly the kinds of mixtapes that Tunechi brought us, but rather those from the DJs and tastemakers of hip-hop. MTV Entertainment Studios produced MIXTAPE in association with Def Jam Recordings and a soundtrack will accompany it. Guests in the film include A$AP Rocky, Lil Wayne, DJ Drama, 2 Chainz, Funkmaster Flex, DJ Khaled, Fat Joe, Fabolous, Jadakiss, DJ Green Lantern, DJ Jazzy Joyce, KRS-One, and many more. In a press release, some of the film’s crew members remarked on its importance.
“Hip-hop is 50 years old and I can’t think of a better way to celebrate its journey and contextualize its evolution than through the story of the mixtape,” said director Omar Acosta. “Every voice in this film played a critical role, especially the DJs who, as KRS-ONE says beautifully in the film, risked everything to ‘bring us the music.’” “It’s an honor to be involved in this film and to help tell the real story of the mixtape, its origins, its impact, and its on-going relevance for the culture,” producer Tony Touch expressed. For more news and the latest updates on this documentary, come back to HNHH.
MTV News will be shutting down after 36 years, according to an Instagram post made by media personality DJ Akademiks last night (May 9). The shuttering of the MTV News Division comes as a result of widespread layoffs across the iconic network’s parent company, Paramount Global. The decision to eliminate MTV News comes after an already drastic reduction in the news division in 2017, when the company decided to change its course of action to focus on short-form content and videos, stepping towards the network’s roots as a means to face competitors like Vice and BuzzFeed.
Chris McCarthy, head of Paramount Media Networks, Showtime, and MTV revealed in a staff memo that the shuttering of the News Production Division comes as a result of “broader economic headwinds” facing the entertainment industry, despite the network’s overall success. In an effort to cut costs, McCarthy shares that the media giant has “made the very hard but necessary decision to reduce [their] domestic team by approximately 25%.” McCarthy states that “Through the elimination of some units and by streamlining others, [the company] will be able to reduce costs and create a more effective approach to [the] business as [they] move forward.”
MTV News has been a leading news source for Generation X and Millennials since the ‘80s, embracing topics ranging from politics to pop culture, and acting as an alternative to traditional cable news. The news division of the emblematic entertainment group delved into topics that appealed to younger audiences, with programs like The Week in Rock, hosted by former Rolling Stone editor Kurt Loder, Profiles in Rock, Fast Forward, and more.
The layoffs follow recent cuts in the workforces of competing media companies such as NPR, Vox Media, The Washington Post, and more, as a result of the increasingly difficult economic climate of the entertainment industry as a whole. In April, Paramount was sued by actress and stand-up comedian Mo’Nique for unpaid royalties from the show The Parkers, which ran for five seasons on UPN. The lawsuit sees Mo’Nique seeking monetary damages, naming CBS, Paramount, and Big Ten Productions as defendants. The elimination of MTV News also follows the strike of the Writer’s Guild of America earlier this month, which received support from big names in the industry like Snoop Dogg, Drew Barrymore, Pete Davidson, and more.
The historic run of MTV News is coming to a close. As Showtime rebrands into Paramount + With Showtime, Paramount, Showtime, and MTV Entertainment studios are experiencing a 25% layoff of their employees.
According to Variety, MTV News will completely shut down with the layoffs.
In a statement, Showtime/MTV Entertainment Studios and Paramount Media Networks president Chris McCarthy spoke about the success of streaming but are pressed by “broader economic headwinds like many of our peers” and pushed the company to consider “the optimal organization for the current and future needs of our business.”
Additional networks impacted by the layoffs include Nick, MTV, Comedy Central, Paramount Network, CMT, Smithsonian, TV Land, Logo, and Pop TV. Four months ago, Showtime dropped 120 employees in its merger with MTV Entertainment Studios.
Mo’Nique has carved an impressive career for herself in film, television, and stand-up comedy. However, her breakout role was inarguably the UPN sitcom The Parkers. The show followed the titular Parker family, primarily comprised of single mother Nikki (Mo’Nique) and college-aged daughter Kimberly (Countess Vaughn).
The Parker ran for five seasons and 110 episodes between 1999 and 2004. Despite a cool critical reception, which was common for Black-led sitcoms at the time, the show was a ratings success. Paramount released The Parkers on DVD in 2014. Following a number of film roles, Mo’Nique hosted The Mo’Nique Show between 2009 and 2011. One 2009 episode served as a reunion for The Parkers. She released a Netflix stand-up special earlier this year.
According to a lawsuit filed this week, Mo’Nique is seeking monetary damages due to what the suit calls an “artificial depression” of the shows’ profitability. “While the Series has proven to be a major financial success for its producers and distributors, the series’ talent have not been permitted to share in the fruits of that success,” the lawsuit reads. The suit names CBS, Paramount, and Big Ten Productions as defendants. Additionally, Mo’Nique posted to Instagram, saying, “Today we filed a lawsuit to make sure we are fairly paid money that we are owed for “The Parkers”. Actors rely on the good faith of Hollywood companies to honor their profit participation agreements.” Profit participation agreements are better known as royalties. Royalties are a recurring amount of money production staff and actors receive for the re-broadcasting of a television show or film.
The suit comes at a pivotal time for the entertainment industry. The Writer’s Guild of America (WGA) is currently voting on whether to authorize strike action. If the motion passes, it will be the first major writer’s strike since 2007. Part of the WGA’s concerns is the way that royalties have been restructured in the era of streaming platforms to keep money away from the creators. In this sense, the WGA’s concerns heavily echo Mo’Nique’s legal claims against CBS and Paramount. However, CBS and Paramount are yet to respond to the allegations.
