Paramount Global Abandons Sale of Majority Stake in BET

Paramount Global has decided to cancel the sale of a majority stake in its BET Media Group, which includes VH1 and BET Studios, BET+, and the BET channel, as it would not significantly reduce its debt. Bids for the stake ranged from $2 billion to $3 billion, with media moguls Sean "Diddy" Combs, Tyler Perry, and Byron Allen expressing interest. Combs, who already owns Revolt network, sees the acquisition as an opportunity to build a Black-owned global media powerhouse. Perry owns a minority stake in BET and produces much of its programming, while Allen recently acquired the Black News Channel and invested over $1 billion in acquiring TV affiliates.