Paramount Global Considering Sale of Majority Stake in BET Media Group

Paramount Global is considering selling a majority stake of BET Media Group, the owner of the BET cable network and studio, VH1, and the streaming service BET+, according to people familiar with the matter.

Paramount executives believe BET may be particularly valued by a consortium of wealthy Black individuals and institutions, which could unlock value for the media asset in ways that are more difficult under its current corporate ownership, said the people, who asked not to be named because the discussions are private. Total 2022 revenue for BET Media Group was about $1.5 billion, according to a person familiar with the matter.

Talks are in early stages and no deal is assured, said the people. A Paramount spokesperson declined to comment. The Wall Street Journal first reported on the talks.

Read the source article at cnbc.com