Paramount Global has reportedly placed another “For Sale” sign on Black Entertainment Television (BET).
The media conglomerate is “in talks” to unload the cable network for somewhere in the $1.6 billion to $1.7 billion range, Bloomberg reported Tuesday, July 2. That amount is less than half of last year’s asking price for BET Media Group.
BET Chief Executive Officer Scott Mills and Chinh Chu, founder of private-equity firm CC Capital, are said to be in the running to purchase the property, anonymous sources told the business news outlet. Reps for Paramount Global and CC Capital had no comment.
Related: Tyler Perry Says BET Was ‘Not Worth Anywhere Near’ Asking Price
Related: Usher Calls BET Awards Tribute ‘Amazing’ Despite Criticism From Fans
News of the negotiations comes after Paramount Global’s co-CEOs told employees at a June 25 town hall that they were looking to cut $500 million in costs, after a proposed merger with David Ellison’s Skydance Media fell through.
“We’re looking at selling certain Paramount-owned assets — in fact, we’ve already hired bankers to assist us in this process — and we’ll use the proceeds to help pay down debt and strengthen our balance sheet,” George Cheeks, president and CEO of CBS, said at the town hall via The Hollywood Reporter.
In another twist, multiple outlets reported this afternoon that Paramount’s deal with Skydance was back on.
In March 2023, Paramount began talks to sell a majority stake in BET Media Group, which counts BET, BET+, BET Her, BET Digital, BET Studios (the production arm of BET), and VH1 among its properties.
Tyler Perry, Sean “Diddy” Combs, and Byron Allen were all in the running to purchase the company. Allen was said to have bid $3.5 billion, while stressing BET should be Black-owned. But in August 2023, Paramount notified potential buyers that it wanted to shelve the sale.
During a Bloomberg summit on business equality in October, Tyler Perry said Paramount was asking for too much money.
“The way it happened was disrespectful in a lot of ways,” he said. “Don’t try to get me to pay for something that’s not worth anywhere near the value.”
