Paramount Global’s trio of co-CEOs has initiated steps to evaluate the sale of certain assets, with industry speculation focusing on BET, a network that has attracted acquisition interest previously.
According to Bloomberg, Paramount Global is currently engaged in exclusive discussions to sell BET in a deal valued between $1.6 billion and $1.7 billion. The potential buyers reportedly include BET CEO Scott Mills and Chinh Chu, founder of private-equity firm CC Capital, although representatives for Paramount Global and CC Capital declined to comment on the matter.
This reported price range marks a significant reduction from the $3.5 billion offer made by media mogul Byron Allen to Paramount Global in late 2023. Earlier in the same year, Paramount Global explored the sale of a majority stake in BET, attracting bids from Allen, Tyler Perry, and Sean “Diddy” Combs.
In August 2023, Paramount Global halted the bidding process for BET, citing that a sale wouldn’t meaningfully reduce its debt load, as reported by the Wall Street Journal at the time. However, the company’s strategic direction has since shifted under its new leadership.
Following the dismissal of former CEO Bob Bakish in late April, Paramount Global’s co-CEOs—George Cheeks, Chris McCarthy, and Brian Robbins—have implemented a turnaround strategy focusing on cost-cutting, asset sales, and forging streaming partnerships. Paramount Global recently abandoned merger talks with Skydance Media, opting to focus on internal restructuring efforts.
Among the assets potentially on the market is the Paramount Pictures Studio lot in Los Angeles, a sprawling property spanning approximately 62 acres. During a recent employee town hall, CBS’s Cheeks affirmed the company’s intent to sell certain Paramount-owned assets to bolster its financial position.
Scott Mills, who has led BET since January 2018 and assumed the CEO role in 2021, has a long history with the network. He first joined BET in 1997 and has held various senior roles, overseeing significant milestones such as the launch of Centric channel, BET Mobile, and bet.com’s digital platforms.
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Under previous leadership, Paramount Global divested several assets to strengthen its balance sheet, including the sale of CBS Studio Center (CBS Radford) for $1.85 billion and the Simon & Schuster publishing division for $1.62 billion to private equity firm KKR. However, Paramount Global also opted not to sell Showtime despite receiving offers reportedly as high as $6 billion.
As Paramount Global continues to navigate its restructuring phase, the potential sale of BET represents a pivotal moment for the company’s financial strategy under its new co-CEO leadership. The outcome of these deliberations could reshape Paramount Global’s portfolio and its future in the competitive media landscape.
