Paramount Global no longer intends to sell a majority stake in BET Media Group, including VH1 and the BET itself.
The company has notified bidders that it decided to bring the sale process to an end because the move would not create any meaningful change to its balance sheet.
When the sale of the iconic US cable brand was first mooted in March it was reported that Paramount Global believed the brand would attract substantial interest from Black investors or institutions.
Among them was Tyler Perry, who partnered with BET for the launch of the BET+ subscription service in 2019. Basketball legend Shaquille O’Neal, who had teamed up with TV producer Kenya Barris and rapper 50 Cent and Group Black, was also linked with a bid.
Wall Street Journal, which first reported the story, said Paramount had received bids ranging from around $2 billion to around $3 billion, according to some of the people familiar with the situation.
