BET Sale Talks Heat Up Again; Will Sale Actually Happen This Time?
A new report from Bloomberg indicates Paramount is in talks to sell BET to a management-led group of buyers.
The phones are ringing at Paramount Global. The company has mulled offers for various assets over the course of 2023, including its kids entertainment streamer Noggin and BET Media Group, which includes the BET and VH1 linear channels, as well as BET+. A new report from Bloomberg indicates BET is on the table once again, as Paramount continues to evaluate its media inventory.
- A management-led investor group is reportedly investigating the possibility of purchasing BET for $2 billion.
- BET Media Group was shopped earlier this year but was pulled from the table when Paramount didn’t get a compelling offer.
- It’s not immediately clear if new sale talks include VH1 and BET+.
Who is Eying BET This Time?
According to Bloomberg’s Christopher Palmeri and Lucas Shaw, Paramount has engaged with a management-led investor group including BET chief executive Scott Mills and CC Capital Partners head Chinh Chu for a potential sale of BET. A price of a little under $2 billion seems to be the current going rate. Bloomberg’s report does not specify if the sale discussions are meant to encompass BET+ and VH1 as well as BET itself.
As mentioned, this is not the first time in 2023 that BET has been brought up in merger and acquisition talks. Allen Media Group CEO Byron Allen and BET minority owner Tyler Perry expressed interest in buying BET Media Group and talks went on for several months at varying degrees of intensity.
Ultimately, Paramount pulled BET Media Group off the table after not getting the offer they wanted. Perry indicated in October that he believed Paramount’s asking price for BET was “ridiculous” and said that while he’d continue to work with the company, there was no way he’d be meeting that price.
Is a Sale of BET Actually Going to Happen?
There’s plenty of time for sale talks surrounding BET to fall apart. But the very fact that discussions have arisen again suggests that Paramount is serious about doing something with BET, and it may view such a transaction as a viable alternative to selling the entire company.
Paramount’s majority shareholder Shari Redstone has made the obtainability of the company an open secret, and if she got the right offer she’d likely sell Paramount outright. However, finding a company to acquire all of its various assets, including streaming platforms, broadcast, and cable channels would be difficult, and divesting itself of smaller portions of the company could allow Paramount to streamline its operations.
Data recently released by Ampere Analysis predicts Paramount+ will become profitable by 2025, so the Redstone may think its future prospects are improving and an outright sale of the whole company is less desirable than focusing on flagship properties and letting the rest go. If BET is sold in the coming weeks, perhaps rumors about an acquisition of all of Paramount will begin to die down.
BET+
BET+ is an online streaming service from BET Networks, launched as a joint venture with Tyler Perry Studios. As one of the largest online subscription video-on-demand services focused on the Black audience and lovers of Black culture, BET+ features more than 1,000 hours of premium content including new, exclusive programming, iconic TV series, movie favorites, as well as documentaries, and specials from BET Networks. BET+ offers original programming from Tyler Perry, including his plays, series, and box office hits.