Paramount Global stock jumped 6% on Tuesday on the latest report the company has resumed talking to potential buyers of select assets after pausing the divestments during ultimately fruitless merger talks with Skydance Media. A group of investors is holding exclusive talks with Paramount about a bid of $1.6 billion for BET Media Group, Bloomberg reported today.
Among the cadre of potential buyers are BET CEO Scott Mills and Chinh Chu, the former Blackstone exec who now runs New York-based private equity firm CC Capital. Related Stories News Barry Diller Kicking Tires On Paramount Bid – Report News Paramount Global Co-CEOs Reveal Bankers Hired To Sell Assets; Discuss Path Forward At Town Hall Paramount’s battered stock, which slipped below $10 last month , closed Tuesday at $10.72 on average trading volume.
It was the highest closing price for the shares since the abrupt end of merger talks with Skydance on June 12. BET Media, which includes the flagship cable TV channel, a studio, subscription streaming outlet BET+ and an events business, has been in play over the past few years, with Paramount stating its intention to sell its majority stake to a Black buyer. Byron Allen and Tyler Perry are among those who have put forward offers.
Mills and Chu had previously put in a bid for BET and reportedly got the conversations going again after the Shari Redstone-controlled Paramount pulled out of a planned combination with Skydance at the eleventh hour. At Paramount’s annual sha.
