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Paramount Global has called off the sale of BET Media Group. A potential sale is said, “wouldn’t result in any meaningful deleveraging of its balance sheet.”
According to Wall Street Journal, BET Media Group was purchased for $2.3 billion in 2000. The media group featured VH1, BET Studios, and the eventual BET + streaming service. Over the years, BET’s viewership has decreased, and Paramount was looking to offset those losses and additionally created by the Paramount+ streaming service.
In the sale, Paramount hoped to keep a minority stake and saw bids between $2 billion and $3 billion. Bidders ranged from Tyler Perry to Diddy. For now, the property will remain with Paramount.
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