Paramount Global Walks Away From Deal To Sell Majority Stake To BET Media
Written by djfrosty on August 17, 2023
Source: Johnny Nunez / Getty
Just when it seemed like BET Media Group was going to pull a major move and purchase a majority stake in Paramount Global, the deal has fallen apart with Paramount deciding to back away from the proposed deal.
According to Variety, the deal that would’ve led to BET owning VH1, BET Studios, and streamer BET+ came to an end Wednesday (Aug. 16) after Paramount Global came to the realization that the sale “wouldn’t result in any meaningful deleveraging of its balance sheet.” With bids up in the $2 billion to $3 billion dollar range, we’re surprised Paramount Global would walk away from such a Godzilla sized bag, but hey, it’s their company and their choice.
Variety reports:
Variety exclusively reported in March that Sean “Diddy” Combs was among the bidders who expressed interested in the majority stake, joining fellow media moguls Tyler Perry and Byron Allen in pursuing the acquisition of the network.
Combs has previously worked with Paramount Global, producing three iterations of MTV’s “Making the Band” between 2002 and 2009. The rapper, record producer and executive is already the owner of network Revolt, which reaches roughly 80 millions households. Back in March, a source close to Combs told Variety that Combs is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse,” which he believes is “better for the business, for the culture and for building wealth in the Black community.”
It really would’ve been interesting to see what Diddy would’ve had in mind had Paramount Global ended up in his hands. Had Tyler Perry taken control, we probably would’ve seen Madea get her own daytime talk show or something. We wouldn’t be mad at such a show either. Just sayin’.
What Paramount Global has in store for it’s future now is anyone’s guess, but don’t be surprised if they end up suddenly selling the majority stake of their company to Mark Zuckerberg or Elon Musk or something. That’s just how the game goes sometimes.
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