Paramount has decided to pull the plug on the sale of BET Media Group.
The decision not to sell comes after at least five months of deliberations, according to The Hollywood Reporter, and after the company received bids for a majority stake in the company from top Hollywood names like Shaquille O’Neal, Diddy and Tyler Perry.
A source told the New York Post that Paramount Global notified bidders Wednesday evening, August 16, of its decision to end the sale process after concluding that it’d be more beneficial to keep the group — and its BET and VH1 cable networks, among other services — than it would be to give it up.
“We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received,” the source said.
The company reportedly received bids ranging from around $2 billion to $3 billion.
According to reports, other hopeful buyers included TV producer Kenya Barris, rapper 50 Cent and media entrepreneur Byron Allen.
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