BET is a lot more valuable than people thought, and after seeing all of the interest in acquiring the premier network covering African-American culture, Paramount apparently abandoned its plans to sell its BET Media Group stake.
According to Reuters, BET cable networks, BET streaming services and VH1 are no longer for sale. The announcement became public on Wednesday (August 16).
Paramount informed all potential buyers, including Tyler Perry, 50 Cent and Diddy, that the sale had been canceled.
As previously reported, Perry was in the running. Perry has already signed a multi-year joint venture between Tyler Perry Studios and the BET+ streaming service, having one of the top shows on the platform. Perry addressed the rumors and dismissed any doubt about how serious his intentions were.
“Rumor? No, it’s not a rumor, I’ve been there for four years now and had tremendous success,’” Perry said.
BET started in the 1980s when Robert L. Johnson launched the brand. The network has been home to programs such as 106 & Park, Video Soul, Teen Summit, Rap City, The Game, College Hill and The New Edition Story. Prior to halting the sale, Paramount had received bids spanning from approximately $2-3 billion.