One of the most significant entertainment media sales in recent years has apparently been called off. Moreover, new reports from the New York Post indicate that Paramount is no longer selling BET, which was a prospect that bolstered Black entrepreneurs, businessmen, and entertainers to take ownership of the Black-centered network. Not only that, but the cancellation of a $3 billion auction for BET was reportedly because Tyler Perry's offer for it was too low. Many looked to him as the creative who seemed best poised to acquire the company under his leadership. However, with this new report, it seems like its future still hangs in the balance.
Furthermore, the Post's article cites an allegedly close source to Paramount, who said that they notified bidders of the decision on Wednesday (August 16). "We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received," the source reportedly told the publication. Another bidder in this debacle was a similarly legendary executive, Byron Allen, who also had a lot of public support.
Paramount's Canceled Auction For BET
Regardless, the report suggest that the source painted Paramount as a conglomerate that sought a sale "which could return the asset to Black ownership." In addition, they apparently wanted a "party that could be a good partner and responsible steward of the assets and the mission." Apparently, JPMorgan, Paramount's sell-side bank, failed to provide financing to suitors upon the auction's commencement, thus placing doubt in BET Group's strength. Also, it didn't predict BET's earnings during the process, which caused further concern, and the source claimed that Allen offered $3 billion for it late in the game.
Meanwhile, the Post's report also alleged that Paramount wanted Perry to push his offer up some more. It's important to note that he already owns a 25% stake in BET+, the media company's streaming service. As such, it seems like it will be a little longer until we know for sure what will happen to BET, and how hopeful owners circumvent this. For more news and the latest updates on the potential sale of BET, stay up to date on HNHH.