Bounce TV, an Atlanta-based broadcast network geared to Black audiences, might be on the block.
E.W. Scripps, which purchased Bounce from Katz Broadcasting in 2017 for $320 million, has hired a financial advisor to consider potential buyers of Bounce, according to Scripps chief executive officer Adam Symson.
Symson, who gave an exclusive interview to CNBC, said some of the suitors who wanted to purchase BET’s assets from Paramount Global last year, a deal that did not come to fruition, approached Scripps, one of the largest local TV broadcasters in the country with 60 stations in more than 40 U.S. markets.
He didn’t say who those interested parties were, but some of those who pursued BET last year included Atlanta’s Tyler Perry, Sean “Diddy” Combs and media mogul Byron Allen, who owns Atlanta-based Weather Channel.
“The number of inbounds and conversations that we have had with interested and qualified potential suitors has picked up significantly over the last year,” Symson told CNBC. “The earlier BET process, which was never consummated, may have opened up people’s eyes to the power of Bounce.”
He said some ad agencies and companies set aside money to advertise on minority-controlled businesses, which could increase the value of Bounce TV if it were part of a Black-owned company.
Bounce TV launched in 2011 with investors such as Martin Luther King III, Andrew Young and TV producers Ron Hardy and Will Packer. The original president Ryan Glover and chief operating officer Jonathan Katz still operate Bounce TV.
The network runs a mix of older movies (”Set It Off,” “Boomerang”), scripted fare (”In the Heat of the Night” ”The Bernie Mac Show”), talk shows (”Sherri,”“Karamo”) and judge shows (“Hot Bench,” “Couples Court With the Cutlers”).
Over the years, Bounce has also produced and aired a handful of original scripted comedies and dramas that have been shot in Atlanta such as “Saints & Sinners,” “Act Your Age” and “Johnson.” A new comedy series, “Mind Your Business,” debuts Jun 1.
Symson said Bounce’s viewership is up 14% on its broadcast network and 9% via cable and streaming in the first quarter year over year. He noted that 70% of Bounce’s audience is from free over-the-air viewing. He declined to say how much Bounce TV makes in revenue but said that number has doubled since 2017.
About the Author
