Paramount Global is in talks to sell its Black Entertainment Television network to a management-led investor group, Bloomberg News reported Wednesday, citing people conversant in the matter.
The potential buyers include BET Chief Executive Officer Scott Mills and Chinh Chu, a former Blackstone executive who runs Latest York-based CC Capital Partners, the report said.
A price of somewhat under $2 billion has been discussed, in response to the report.
Paramount is controlled by the Shari Redstone. Getty Images
Paramount and CC Capital declined to comment on the report.
Paramount had earlier this yr mulled the sale of a majority stake in BET Media Group, which incorporates the BET cable network, BET Studios and VH1, drawing interest from the likes of Byron Allen, whose Allen Media Group’s assets include The Weather Channel, and Tyler Perry.
The corporate later dropped the sale process after failing to get satisfactory bids, in response to the Bloomberg report.
Paramount had earlier this yr mulled the sale of a majority stake in BET Media Group, which incorporates the BET cable network, BET Studios and VH1. SOPA Images/LightRocket via Getty Images
Chu, who also worked at Salomon Brothers, has helped create five blank-check firms during his time at CC Capital.
Certainly one of them merged with Getty Images last yr to assist take the stock-photo company public within the US.
Paramount is controlled by the Shari Redstone-led media company that owns 77% of Paramount’s Class A voting shares.
Tyler Perry had sought to purchase BET. REUTERS
The entertainment conglomerate formed BET Studios in 2021 through a partnership with “Black-ish” creator Kenya Barris, actress Rashida Jones and “S.W.A.T” co-creator Aaron Rahsaan Thomas.
In July, Tyler Perry submitted a final takeover bid for Black Entertainment Television Group but fell short.
