Paramount cancels its sale of BET Media Group

Paramount Global has decided not to sell the majority stake of BET (Black Entertainment Television) after considering bids from various potential buyers. The company concluded that maintaining a significant stake in BET would create more value for Paramount than any of the proposed offers. Popular suitors for the acquisition included Tyler Perry, Sean “Diddy” Combs, and Byron Allen. BET, which was founded by Robert and Sheila Johnson in 1980, has been a leading television network for Black Americans. The deal would have also included the sale of the cable network VH1 as well. Despite a decline in subscribers and revenue over the past decade, BET has expanded its content and launched the BET+ streaming service, which has over 3 million subscribers. The network’s programming has evolved over the years, and it remains a platform for showcasing positive images of Black people while addressing past criticisms.

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