The sale of BET ended after no one was able to reach the rumored asking price of $3 billion. According to 50 Cent, it wasn’t worth that number. Posting an image that stated 50 Cent and Shaq could not combine for the purchase, the rapper and TV exec said: “We will get them next time @Shaq, that shit wasn’t worth 3,000,000,000.”
Paramount Global has called off the sale of BET Media Group. A potential sale is said, “wouldn’t result in any meaningful deleveraging of its balance sheet.”
According to Wall Street Journal, BET Media Group was purchased for $2.3 billion in 2000. The media group featured VH1, BET Studios, and the eventual BET + streaming service. Over the years, BET’s viewership has decreased, and Paramount was looking to offset those losses and additionally created by the Paramount+ streaming service.
In the sale, Paramount hoped to keep a minority stake and saw bids between $2 billion and $3 billion. Bidders ranged from Tyler Perry to Diddy. For now, the property will remain with Paramount.