A brand new report suggests Paramount International has dropped plans to promote its majority stake in BET Media Group.
The BET Media Group consists of VH1 and BET cable networks and the BET+ streaming service. In line with these aware of the scenario, bidders have been notified that Paramount determined to finish the sale course of. Paramount concluded divesting a majority stake wouldn’t end in any significant deleveraging of its steadiness sheet.
Digital Music Information reported on preliminary bidders for the potential sale of the BET community. events included 50 Cent, Shaquille O’Neal, Tyler Perry, and Diddy. Tyler Perry has held a 25% stake in BET and the BET+ streaming service since 2019 and was important in getting the service off the bottom.
“When this got here up, I assumed ‘Wow, that is meant to be.’ What I can let you know is it’s value much more with me than it’s with out me,” Tyler Perry informed Fortune in regards to the potential deal in March 2023. Perry reportedly bid within the $2 billion vary, which is lower than the $3 billion Paramount hoped to attain for the properties.
The Wall Road Journal reviews that Paramount acquired bids within the $2-3 billion vary. For now, it’s unclear what future cable networks have going ahead. Solely 45% of U.S. households have cable or satellite tv for pc TV, with most cord-cutting for streaming-only options. Nielsen reported that TV accounted for lower than 50% of whole viewing time in the US for July 2023—a feat that has by no means occurred earlier than within the historical past of monitoring viewership.
With TV viewership quickly dropping in the US, it’s unclear how lengthy these channels will stay on the air. Will these previously music-focused networks be compelled to pivot but once more? BET+ is one choice; shifting into the streaming realm is just about the one recourse as Gen Z, the kids of cord-cutters, start paying their very own payments.