Paramount In Talks To Sell BET Network To Management Group

Paramount Global is reportedly in discussions to sell its Black Entertainment Television network to a group of investors led by management, according to Bloomberg News. The potential deal is still in the works, as per sources familiar with the matter.

According to the report, the potential buyers mentioned are BET Chief Executive Officer Scott Mills and Chinh Chu, a former Blackstone executive who currently heads New York-based CC Capital Partners.

The report suggests that a price of just under $2 billion has been discussed.

Paramount and CC Capital have chosen not to provide any comments regarding the report.

Earlier this year, Paramount considered selling a majority stake in BET Media Group, which includes the BET cable network, BET Studios, and VH1. This drew the attention of Byron Allen, whose Allen Media Group owns assets such as The Weather Channel.

According to the Bloomberg report, the company decided to halt the sale process after receiving unsatisfactory bids.

Chu, who has experience at Salomon Brothers, has successfully established five blank-check companies while working at CC Capital. Last year, one of them joined forces with Getty Images to assist in the company’s public debut in the U.S.

Paramount is under the control of a media company led by Shari Redstone, who holds a majority stake of 77% in Paramount’s Class A voting shares.

In 2021, BET Studios was established by the entertainment conglomerate in collaboration with Kenya Barris, the creator of “Black-ish,” Rashida Jones, an accomplished actress, and Aaron Rahsaan Thomas, the co-creator of “S.W.A.T.”