BET Auction For $3 Billion Reportedly Called Off By Paramount

One of the most significant entertainment media sales in recent years has apparently been called off. Moreover, new reports from the New York Post indicate that Paramount is no longer selling BET, which was a prospect that bolstered Black entrepreneurs, businessmen, and entertainers to take ownership of the Black-centered network. Not only that, but the cancellation of a $3 billion auction for BET was reportedly because Tyler Perry's offer for it was too low. Many looked to him as the creative who seemed best poised to acquire the company under his leadership. However, with this new report, it seems like its future still hangs in the balance.

Furthermore, the Post's article cites an allegedly close source to Paramount, who said that they notified bidders of the decision on Wednesday (August 16). "We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received," the source reportedly told the publication. Another bidder in this debacle was a similarly legendary executive, Byron Allen, who also had a lot of public support.

Regardless, the report suggest that the source painted Paramount as a conglomerate that sought a sale "which could return the asset to Black ownership." In addition, they apparently wanted a "party that could be a good partner and responsible steward of the assets and the mission." Apparently, JPMorgan, Paramount's sell-side bank, failed to provide financing to suitors upon the auction's commencement, thus placing doubt in BET Group's strength. Also, it didn't predict BET's earnings during the process, which caused further concern, and the source claimed that Allen offered $3 billion for it late in the game.

Meanwhile, the Post's report also alleged that Paramount wanted Perry to push his offer up some more. It's important to note that he already owns a 25% stake in BET+, the media company's streaming service. As such, it seems like it will be a little longer until we know for sure what will happen to BET, and how hopeful owners circumvent this. For more news and the latest updates on the potential sale of BET, stay up to date on HNHH.

About The Author

Gabriel Bras Nevares is a music and pop culture news writer for HotNewHipHop. He started in 2022 as a weekend writer and, since joining the team full-time, has developed a strong knowledge in hip-hop news and releases. Whether it’s regular coverage or occasional interviews and album reviews, he continues to search for the most relevant news for his audience and find the best new releases in the genre. What excites him the most is finding pop culture stories of interest, as well as a deeper passion for the art form of hip-hop and its contemporary output. Specifically, Gabriel enjoys the fringes of rap music: the experimental, boundary-pushing, and raw alternatives to the mainstream sound. As a proud native of San Juan, Puerto Rico, he also stays up-to-date with the archipelago’s local scene and its biggest musical exponents in reggaetón, salsa, indie, and beyond. Before working at HotNewHipHop, Gabriel produced multiple short documentaries, artist interviews, venue spotlights, and audio podcasts on a variety of genres and musical figures. Hardcore punk and Go-go music defined much of his coverage during his time at the George Washington University in D.C. His favorite hip-hop artists working today are Tyler, The Creator, Boldy James, JPEGMAFIA, and Earl Sweatshirt.

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