(Reuters) – Paramount Global is mulling the possible sale of a majority stake in BET Media Group, which includes the BET cable network, BET Studios and VH1, a source confirmed.
The company believes BET, an entertainment brand focused on the Black community and culture, would attract substantial interest from Black investors or institutions, the source said.
Paramount hopes to maintain a minority stake to benefit from any value that might be unlocked by the transaction.
Previously, the media company partnered with the actor and filmmaker Tyler Perry to launch the BET+ subscription service in 2019, and he retains a minority stake. It also formed BET Studios through a partnership with “Black-ish” creator Kenya Barris, actress Rashida Jones and “S.W.A.T” co-creator Aaron Rahsaan Thomas.
The Wall Street Journal first reported that Paramount was exploring a possible sale.
(Reporting by Dawn Chmielewski in Los Angeles; Editing by Chizu Nomiyama)
