Over the last few years, there has been a lot of consolidation in the world media. Now Paramount is reportedly in the process of selling BET. This is according to a story from The Wall Street Journal.
This deal will reportedly include BET cable networks, BET+, a subscription streaming service, and BET studios. VH1 is now also managed by BET and would reportedly be included in this deal.
Paramount is reportedly interested in a minority stake but is likely looking for ways to cut back on expenses and earn cash to pay down its debts.
Paramount also recently agreed to sell Simon & Schuster to Penguin Random House for $2.2 billion, but regulators killed the deal. Paramount also sold the classic CBS NYC headquarters known as Black Rock and a large number of websites back in 2020.
Now selling BET seems to be the next step in Paramount’s efforts to free up cash to pay off debts and invest in Paramount+.
Paramount selling BET is likely not the end of its focus on Black audiences, but instead, it will try to focus these viewers over to its Paramount+ streaming service instead of a traditional cable TV channel.