Paramount World mulls sale of majority stake in BET -source
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(Reuters) -Paramount World is mulling the attainable sale of a majority stake in BET Media Group, which incorporates the BET cable community, BET Studios and VH1, a supply with data of the matter instructed Reuters.
The corporate believes BET, an leisure model targeted on the Black group and tradition, would entice substantial curiosity from Black traders or establishments, mentioned the supply, who was not approved to talk publicly.
BET drew a right away expression of curiosity from Byron Allen, whose Allen Media Group’s property embody The Climate Channel. A spokesperson for Allen Media Group mentioned it “shall be pursuing the acquisition of the community.”
Media mogul Tyler Perry, the actor and producer finest identified for the “Madea” film franchise, is also bidding, in accordance with the Wall Road Journal and numerous Hollywood commerce publications.
A spokesperson for Perry couldn’t instantly be reached for remark.
Perry has a longstanding relationship with Paramount, partnering with the media firm to launch the BET+ subscription service in 2019. He retains a minority stake within the service.
Paramount additionally shaped BET Studios in 2021 by a partnership with “Black-ish” creator Kenya Barris, actress Rashida Jones and “S.W.A.T” co-creator Aaron Rahsaan Thomas.
Paramount hopes to take care of a minority stake to profit from any worth that may be unlocked by the transaction, the supply mentioned.
The Wall Road Journal first reported that Paramount was exploring a attainable sale of BET because it appears to be like to enhance its steadiness sheet.
(Reporting by Daybreak Chmielewski in Los Angeles; Enhancing by Chizu Nomiyama and Jamie Freed)
