Never mind.
Paramount Global has decided not to sell a majority stake in its BET brand after all. This news, courtesy of The Wall Street Journal, comes several months after news leaked that the media giant wanted an independent operator to take over the long-standing network, its BET+ streaming service and VH1.
This led to a flurry of Black entrepreneurs seeking to purchase it. Atlanta’s own Tyler Perry, Weather Channel owner Byron Allen, Sean “Diddy” Combs and a consortium of wealthy Black investors including Atlanta’s Shaquille O’Neal, TV producer Kenya Barris and rapper 50 Cent all put their names in the hat.
The company told bidders Wednesday evening that it was suspending the sales process because management decided it wouldn’t meaningfully help their bottom line, sources told the WSJ. Those sources said the bidders offered between $2 billion and $3 billion. Paramount originally hoped that money could help prop up its primary streaming service Paramount+.
The value of cable networks is slipping quickly as more consumers opt for streaming. In July, traditional cable and broadcast TV made up less than half of all viewing time for the first time ever, according to Nielsen. Meanwhile, streaming services such as Netflix, Hulu and YouTube reached a record high 38.7% of all total TV watching.
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