Cousins! Paramount Global has officially scrapped their ongoing auction for the Black Entertainment Television Group also known as B.E.T as they claim interested buyers had issued offers below their asking price!
The long-standing auction of BET which operates VH1, BET, and the streaming service of BET+ launched earlier this year. Despite circulating reports throughout social media that Tyler had been named owner of the network, it has been stated that the beloved mogul refused to raise his 2 billion dollar bid to meet Paramount’s asking price of 3 billion dollars, reports the New York Post.
“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,” a source close to Paramount told The Post.
It has been stated they Paramount made plans of securing a desk that, “which could return the asset to Black ownership” with a “party that could be a good partner and responsible steward of the assets and the mission.” However the offers seemingly came up short.
Reports read that former comedian and media mogul Byron Allen had issued interest in owning BET. Sources state that he had emerged late in the auction but had offered a nearly $3 billion dollar bid however Paramount failed to engage with him.
“Paramount did not want to sell BET to Byron Allen,” says a source, noting that Byron’s lack of committed financing was an issue.
Sources state that Tyler who owns 25% stake in BET’s streaming service of BET+ was pushed to increase his offer but he declined.
“Paramount is meanwhile facing questions including the true value of the company and its many assets, which include MTV, CBS, movie studio Paramount Pictures and Nickelodeon,” reports the New York Post.