Since early 2023 we have heard reports that Paramount was looking to sell BET along with BET+ and VH1. Reportedly Paramount wanted more than $3 billion for the bundle of streaming services and TV networks, but now it seems they have decided the deal was not worth it in the end.
According to a report from the Wall Street Journal, Paramount has notified bidders that they would not be selling the bundle of channels.
The deal for the BET Group reportedly included the BET cable channel, BET+, and VH1. Many had reported that Tyler Perry was the lead bidder as the actor already has a 25 percent stake in BET and BET+ since 2019. He helped bring BET to the streaming world by launching BET+, so he seems like the most qualified bidder to take over the BET Group. Tyler Perry also has the funds to follow through on his bid, partnering with a private equity firm, according to reports.
“When this came up, I thought ‘Wow, this is meant to be’. What I can tell you is it’s worth a lot more with me than it is without me,” said Tyler Perry in an interview last March.
Tyler Perry has offered just around $2 billion for the BET Group. This is short of the $3 billion Paramount reportedly wants. In 2000, Paramount bought the channel from Viacom for only $2.7 billion. BET Group’s current Ebitda tally is $325 million, and Paramount wants “roughly ten times” that before accepting an offer.
Overall, Paramount Global reported $15.6 billion in combined debt last March. The company owns Paramount Pictures, Paramount+, MTV, CBS, and Simon & Schuster, a book publisher that’s also up for sale.
In March, Curtis Jackson (aka 50 Cent), Sean “Diddy” Combs, and Shaquille O’Neal also considered bidding for BET but have since backed out, according to reports.
Now Paramount has decided it won’t accept the offers for the BET Group and has decided to keep the channels. This also raises the question of if Paramount will keep all the channels running. What will the future of VH1 be, for example?
For now, we will have to wait and see what will happen next as Paramount moves forward. Cord Cutters News has reached out to Paramount for comment and will update our story as we learn more.