The bidding process to purchase BET is over. On Aug. 16, Paramount Global decided to no longer seek a sale for the properties that include BET Studios, BET+, BET channel, and VH1, according to Wall Street Journal.
Started by Bob Johnson in 1980, BET provided Black content in an era when minorities rarely got an opportunity to showcase work on network TV. In 2000, Johnson sold BET for $2.3 billion to Viacom. Viacom would eventually become Paramount.
Earlier this year, it was announced that Paramount was seeking to sale a majority stake in BET. Reported bidders included Tyler Perry, Byron Allen, Sean “Diddy” Combs, and 50 Cent.
Many believed that Perry would have the edge since he currently owns a minority stake in BET and produces content for BET and BET+. Allen was also viewed as a person who could make a significant run at ownership of BET due to his past success with ownership of The Weather Channel, multiple local affiliates of NBC, ABC, CBS, and Fox, and his acquisition of Black News Channel.
Combs has proven success with Revolt. And 50 Cent has produced multiple hit shows on the STARZ network.
Paramount Global decided not sale because “it wouldn’t result in any meaningful deleveraging of its balance sheet,” according to Wall Street Journal. Paramount Global had received bids ranging from approximately $2 billion to $3 billion.
An official statement has yet to be released by Paramount Global.
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