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