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.
The post Paramount Ends Negotiation Talks for Sale of BET Media Group first appeared on The Source.
The post Paramount Ends Negotiation Talks for Sale of BET Media Group appeared first on The Source.