Paramount Global is considering selling a majority stake of BET Media Group, sources told CNBC
Paramount Global is exploring a sale of a majority stake in BET Media Group, which includes BET's cable network and studio, BET+ and VH1.
Paramount executives believe selling the business to a consortium of wealthy Black investors and institutions may unlock opportunities and value, sources say. A sale, which may not happen, is not suggestive of a broader strategy to sell Paramount in pieces, sources say.Shari Redstone, chairwoman of ViacomCBS and president of National Amusements, and Bob Bakish, President and CEO of ViacomCBS, celebrate their company's merger at the Nasdaq MarketSite in New York, December 5, 2019.
Paramount executives believe BET may be particularly valued by a consortium of wealthy Black individuals and institutions, which could unlock value for the media asset in ways that are more difficult under its current corporate ownership, said the people, who asked not to be named because the discussions are private.Talks are in early stages and no deal is assured, said the people. A Paramount spokesperson declined to comment.
Selling a majority stake in BET Group would allow Paramount Global to get added capital to spend on programming for Paramount+ and Pluto TV, its free ad-supported streaming service. Paramount Global said its streaming business lost
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