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BET is reportedly now not up on the market.
In line with the New York Submit, Paramount World moved to finish the bidding procedure for a majority stake in BET Media Workforce, which incorporates VH1 and BET Studios, streamer BET+, and the BET channel.
Diddy, Byron Allen, Tyler Perry, and a workforce together with 50 Cent, Shaq, and Kenya Barris had been reportedly some of the bidders eager about buying the media crew.
In line with the Submit, Paramount World set an asking value of $3 billion. Perry, who already owns a 25 p.c stake in BET+, reportedly submitted a $2 billion bid for almost all stake. During the last few weeks, Paramount was once pushing Perry to up his be offering, however he declined, the Submit stories.
A supply advised the Submit that Paramount was once having a look to “go back the asset to Black possession” with a “birthday party that may be a excellent spouse and accountable steward of the property and the project” during the acquire however got here up brief.
“We made this choice as a result of the advantages of keeping up a majority stake in BET Media Workforce creates extra worth for Paramount than any of the proposals we won,” the supply added, noting that the sale wouldn’t “lead to any significant deleveraging of Paramount’s stability sheet.”
Paramount reportedly declined to take Allen up on his be offering of $3 billion regardless of it achieving the corporate’s asking value.
“Paramount didn’t need to promote BET to Byron Allen,” a supply mentioned, according to the Submit.
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