Paramount Global has decided not to sell a majority stake in BET Media Group, which comprises VH1, BET cable networks, and BET+ streaming services.
According to the Wall Street Journal, the company told bidders on Wednesday that it’s ending the sale process.
It was previously reported that media and entertainment moguls Sean “Diddy” Combs, Tyler Perry and Byron Allen were among the bidders who expressed interest in the majority stake.
The company said Wednesday it decided to end the bidding process because the sale wouldn’t significantly reduce its debt. Bids for the stake ranged from $2 billion to $3 billion.
In March, Reuters had indicated that Paramount was considering the potential sale of a controlling share in BET. The company aimed to retain a minority stake to capitalize on any possible value from the deal.
According to the Reuters report, Paramount was confident that BET, with its focus on Black culture and community, would attract significant attention from Black investors or organizations.
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