According to Bloomberg sources, Paramount Global is now in unique talks to promote BET for $1.6 billion to $1.7 billion to a gaggle that features BET CEO Scott Mills and Chinh Chu, founding father of private-equity agency CC Capital. 

The firm introduced that it has employed bankers to judge the sale of sure property, fueling business hypothesis round BET, a frequent goal of acquisition presents. The BET Media Group encompasses the BET cable channel, VH1, different networks, the BET+ streaming service, and BET Studios.

Representatives for Paramount Global and CC Capital declined to remark. Following the report, Paramount Global shares rose 5.7%, closing at $10.72 per share. The reported worth vary for BET is considerably decrease than the $3.5 billion supply media mogul Byron Allen made in late 2023. Earlier that 12 months, Paramount Global explored promoting a majority stake in BET, with bidders together with Allen, Tyler Perry, and Sean “Diddy” Combs.

According to a Wall Street Journal report from August 2023, Paramount halted the bidding course of for BET, citing {that a} sale wouldn’t considerably cut back its debt. However, this resolution appears to have been reconsidered.

The three co-CEOs, George Cheeks (CBS), Chris McCarthy (Showtime/MTV Entertainment Studios and Paramount Media Networks), and Brian Robbins (Paramount Pictures and Nickelodeon), have outlined a technique of job cuts, asset gross sales, and streaming partnerships to stabilize the corporate. This follows controlling shareholder Shari Redstone’s resolution to finish M&A talks with Skydance Media. 

After Bob Bakish’s dismissal in late April, the trio took over as co-CEOs. Paramount Global can be anticipated to promote the Paramount Pictures Studio lot at 5555 Melrose Ave. in Los Angeles, which spans about 62 acres.

During a June 25 worker city corridor, CBS’s Cheeks said the co-CEOs are “looking at selling certain Paramount-owned assets” and have already employed bankers to help on this course of. He emphasised the proceeds would assist pay down debt and strengthen the corporate’s stability sheet however didn’t specify which property had been into consideration.

Scott Mills, who has led BET since January 2018 and have become CEO in 2021, joined the community in 1997 as senior VP of enterprise growth and has held varied senior roles. As COO of BET, he launched the Centric channel and, as president of digital media, launched BET Mobile and BET’s digital video distribution operations. As EVP and COO of BET Interactive, he oversaw the launch of within the early 2000s.

Under Bakish, Paramount shed some property to enhance its stability sheet, however the firm additionally missed alternatives, comparable to a $6 billion supply for Showtime. In 2021, Paramount bought the BlackRock skyscraper (CBS’ New York headquarters) for $760 million and the CBS Studio Center lot for $1.85 billion. 

Last October, Paramount Global accomplished the $1.62 billion sale of Simon & Schuster to non-public fairness agency KKR.

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