Paramount Global has reversed its decision to sell its majority stake in BET Media Group. Wall Street Journal reports that the company altered its stance after five months of being listed for sale.
Sources familiar with the matter stated that Paramount Global informed potential buyers that it’s discontinuing the sale process. This decision comes as the company found that the sale wouldn’t substantially alleviate its financial position.
The media conglomerate possesses BET, the Black Entertainment Television channel, BET+, VH1, and BET Studios. Despite its former prominence, BET’s viewership has declined from around 92 million subscribers a decade ago to 63 million in 2022.
In a restructuring move, Paramount downsized its US cable workforce by 25% and shuttered MTV News.
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Previously acquired by Viacom in 2000 for $2.3 billion, bids for BET Media Group had not exceeded $3 billion.
Entrepreneur Robert L. Johnson initiated BET in 1980, the first channel targeting African Americans. Starting with two hours of programming, it evolved into a full-fledged channel by 1983. The channel’s sale transformed Johnson into America’s inaugural Black billionaire.
