Paramount's Failed Attempt to Sell BET Leaves Investors Disappointed

Paramount Global's stock dropped 2% after the company abandoned its efforts to sell a stake in BET Media Group, citing a lack of value creation and debt reduction. The company has been looking to streamline its operations and recently sold its book publishing unit, Simon & Schuster. Paramount, like other media companies, is facing a decline in pay-TV subscribers while trying to establish itself in the direct-to-consumer streaming business. Bidders for BET Media Group included Byron Allen, Shaquille O’Neal, Tyler Perry, and Sean “Diddy” Combs, with bids ranging between $2 billion and $3 billion. The division is seen as strategically valuable to Paramount despite challenges in the traditional TV business.