Paramount Global renews talks to offload BET for around $2bn 

Paramount Global has reopened talks to sell Black Entertainment Television Networks (BET) after attempts to sell the network and studio came up empty handed earlier this year.

According to Bloomberg, a management-led investor group including current  and former Blackstone exec Chinh Chu is in discussions with Paramount Global about acquiring BET. The price tag being discussed is a little under US$2bn, said Bloomberg.

Paramount explored selling a majority stake in BET earlier this year, with the media company reportedly looking for somewhere in the vicinity of US$3bn.

Several black media moguls were in the running, including Tyler Perry  and Sean ‘Diddy’ Combs, however a deal did not come to fruition and Paramount Global called off sale talks over the summer.

In addition to restructuring and making several rounds of lay-offs this year, Paramount Global has sold assets including its publishing company Simon & Schuster for around US$1.62bn to private equity firm KKR.

Separately, Paramount Global has also become an acquisition target, with David Ellison’s US-based Skydance reportedly weighing a bid for its parent company, National Amusements Inc.

Source: www.c21media.net

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