Paramount decides it won't sell majority stake in BET Media Group, source tells AP
abcnews.go.comBET won’t be sold after all: Paramount Global decided against selling the majority stake of the network
LOS ANGELES — BET won’t be sold after all: Paramount Global decided against selling the majority stake of the network.
Paramount notified bidders late Wednesday night about its decision to conclude the BET Media Group sale process, said a person familiar with the decision who was not authorized to speak publicly. The person said the company determined maintaining a heavy stake in BET creates more value for Paramount than any of the proposals after consulting with a couple highly-experienced financial advisors.
Some popular suitors included actor-director Tyler Perry, music mogul Sean “Diddy” Combs and businessman Byron Allen. At one point, some considered Perry as a leading contender based on the two successful series, “The Oval” and “Sistas,” airing on the network. He also owns a minority stake of the BET+ streaming service.
Along with BET, the deal would have included the cable channel VH1.
BET was originally started by Robert and then-wife Sheila Johnson in 1980. Robert Johnson created BET from the basement of his Washington home after securing a $500,000 loan from longtime cable executive John Malone and eventually built the brand into the leading TV network for Black Americans.
Johnson expanded BET by creating smaller digital networks geared to fans of jazz, gospel and hip-hop along with being a publishing house and event production firm. The network was initially led by popular shows like “Bobby Jones Gospel,” “Rap City,” “ComicView,” “Lift Every Voice” and “Teen Summit.”
In the early 1990s, the network became the first Black-controlled television company to be listed on the New York Stock Exchange.
BET has seen
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