For most of 2023, Paramount has been looking to sell BET. Reportedly, earlier this year, Paramount decided that the offers for BET were not worth it now though Paramount has decided to once again look at deals to sell BET.
According to a report from Bloomberg, Paramount is in talks with multiple potential buyers, include BET Chief Executive Officer Scott Mills and Chinh Chu, a former Blackstone Inc. member. The deal will reportedly be for just under $2 billion.
Originally this deal would 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. Now though, it is unknown if VH1 will be a part of this new deal.
Paramount in the past, was 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. It is unknown if this deal will still include a minority stake in the channel.
Paramount also recently agreed to sell Simon & Schuster to KKR for $1.6 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.
Correction: We updated the story with the correct sale details on Simon & Schuster.
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+.
Update: Paramount declined to comment on this story.