BY JONATHAN LANDRUM JR.
BET won’t be sold after all: Paramount Global decided against selling the majority stake of the network.
Paramount notified bidders late Wednesday night about its decision to conclude the BET Media Group sale process, said a person familiar with the decision who was not authorized to speak publicly. The person said the company determined maintaining a heavy stake in BET creates more value for Paramount than any of the proposals after consulting with financial advisers.
Some popular suitors included actor-director Tyler Perry, music mogul Sean “Diddy” Combs and businessman Byron Allen. At one point, some considered Perry as a leading contender based on the two successful series, “The Oval” and “Sistas,” airing on the network. He also owns a minority stake of the BET+ streaming service.
Along with BET, the deal would have included the cable channel VH1.
BET was originally started by Robert and then-wife
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