Byron Allen said he wants to buy BET as Paramount Global is looking at sale of the asset, the second suitor after Tyler Perry is said to have expressed interest
with partners Kenya Barris, Rashida Jones and Aaron Rashon Thomas, and VH1, which was moved under the BET umbrella last year.
BET, or Black Entertainment Television, was founded by Robert Johnson in 1980, the first cable channel to cater to Black audiences. It was acquired by Viacom in 2001 in a deal worth $3 billion.fell through on regulatory concerns but it has made clear that’s a noncore asset and remains on the block. In recent years, it sold the CBS NYC headquarters known as Black Rock and website CNet. It declined offers for Showtime, announcing other plans for that asset, namelyAs the parent pivots to streaming, like most big media companies it’s spending heavily on content and anticipates peak losses in that business this year.
The company declined to comment. Par’s general interest in selling a majority stake in BET was first reported in the Wall Street Journal. The talks around BET come as M&A chatter is heating up in various pockets of media and entertainment. Lachlan Murdoch said recently that Fox Corp. will be actively pursuing it, WME is looking to sell itself, Hulu may be up for grabs, and Cineworld is marketing its global theatrical assets as it seeks to emerge from bankruptcy, to name a few.
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