21 December 2023
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1 min.
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Byron Allen's $3.5B Power Play
Byron Allen has reignited the pursuit of BET Media Group and VH1, submitting a bold $3.5 billion bid to Paramount Global. This move comes on the heels of earlier bids from industry heavyweights, including Tyler Perry, all of which Paramount had initially rejected, deeming them insufficient.
Tyler Perry, expressing his discontent, remarked during an Atlanta event that he found the previous process disrespectful. Paramount had previously shelved BET after fielding offers, but the landscape changed when Allen learned of potential talks between BET CEO Scott Mills, Chinh Chu, and an investor group. Reports from Bloomberg suggest a potential deal size just under $2 billion.
In a broader context, Paramount is navigating discussions about a merger with Warner Bros Discovery, signaling dynamic shifts in the media industry.
Within BET Media Group, the composition includes linear networks, BET+, and BET Studios, the latter launched in 2021 with collaboration from industry luminaries Kenya Barris, Rashida Jones, and Aaron Rashon Thomas. VH1, integrated into the BET umbrella last year, completes the ensemble.
Founded by Robert Johnson in 1980, BET, the pioneering cable channel catering to Black audiences, was acquired by Viacom in 2001 for $3 billion. The current buzz revolves around the prospect of BET returning to Black ownership, resonating positively within the Black community.
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