Paramount Global Looks To Shed BET In Multi-billion Dollar Deal

Posted by at 9:23 pm on July 2, 2024

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, according to anonymous sources reported by Bloomberg. 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 have made no comments. 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.

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