BET won’t be sold after all: Paramount Global decided against selling the majority stake of the network.
Paramount notified bidders late Wednesday night about its decision to conclude the BET Media Group sale process, said a person familiar with the decision who was not authorized to speak publicly. The person said the company determined maintaining a heavy stake in BET creates more value for Paramount than any of the proposals after consulting with a couple highly-experienced financial advisors.
In the early 1990s, the network became the first Black-controlled television company to be listed on the New York Stock Exchange. BET beefed up its content after Johnson and his then-wife, Sheila, sold BET to Viacom in 2000 for $3 billion – which made them the nation’s first Black billionaires. He remained the CEO until 2006.
Many took aim at the now-defunct “BET: Uncut,” a late-night mature program that contained highly sexual content.
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