Paramount has been trying to sell BET for the majority of 2023. Although Paramount has reportedly opted to look at deals to sell BET again, it was reportedly decided earlier this year that the offers for BET were not worth it.
Bloomberg reports that Paramount is negotiating with a number of possible purchasers, including former Blackstone Inc. member Chinh Chu and Chief Executive Officer Scott Mills of BET. Less than $2 billion is said to be the purchase price.
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According to initial reports, BET studios, BET+, a paid streaming service, and BET cable networks would all be included in this agreement. VH1 would presumably be included in this purchase, as it is now controlled by BET as well. However, it is currently unknown if VH1 will be included in this new agreement.
Although Paramount is probably searching for methods to reduce costs and raise money to pay off its obligations, it was previously reported that the company was interested in acquiring a minority stake. It’s unclear if a minority channel stake will still be part of this agreement.
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Regulators also recently blocked Paramount’s agreement to sell Simon & Schuster to Penguin Random House for $2.2 billion. In 2020, Paramount also sold a plethora of websites and the historic Black Rock CBS NYC offices.
Selling BET now appears to be the next move in Paramount’s plan to raise money for Paramount+ investment and debt repayment.
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