Paramount Global ’s trio of co-CEOs have publicly said they’ve hired bankers to evaluate the sale of certain assets . Industry speculation has swirled around BET , which has been the target of acquisition offers in the past. Now Paramount Global is engaged in exclusive discussions to sell BET in a deal valued at $1.
6 billion-$1.7 billion to “buyers that include” BET CEO Scott Mills and Chinh Chu, founder of private-equity firm CC Capital, Bloomberg reported , citing anonymous sources. The BET Media Group comprises the BET cable channel, VH1 and other networks; the BET+ streaming service; and BET Studios.
Reps for Paramount Global and CC Capital declined to comment. Shares of Paramount Global rose on the report of the renewed BET sale talks, closing up 5.7% for the day to $10.
72/share. The latest reported price range for BET is less than half the $3.5 billion that media mogul Byron Allen extended to Paramount Global in late 2023.
That came after Paramount Global earlier in the year had been exploring the sale of a majority stake in BET, with bidders said to include Allen, Tyler Perry and Sean “Diddy” Combs . In August 2023, Paramount called off the bidding process for BET because “a sale wouldn’t result in any meaningful deleveraging of its balance sheet,” according to a report by the Wall Street Journal at the time. But that, apparently, was then.
The three execs running Paramount Global have outlined a three-pronged strategy of job cuts, asset sales and str.