Paramount Global is mulling the possible sale of a majority stake in BET Media Group, which includes the BET cable network, BET Studios and VH1, a source with knowledge of the matter told Reuters.
Toy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration/File Photois mulling the possible sale of a majority stake in BET Media Group, which includes the BET cable network, BET Studios and VH1, a source with knowledge of the matter told Reuters.
The company believes BET, an entertainment brand focused on the Black community and culture, would attract substantial interest from Black investors or institutions, said the source, who was not authorized to speak publicly. BET drew an immediate expression of interest from Byron Allen, whose Allen Media Group's assets include The Weather Channel. A spokesperson for Allen Media Group said it "will be pursuing the acquisition of the network."
Media mogul Tyler Perry, the actor and producer best known for the "Madea" movie franchise, also is interested bidding, according to the Wall Street Journal and various Hollywood trade publications.
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