Buyers are still interested in making bids though Paramount has canceled the auction. The Wall Street Journal was the first to report the potential results of the sale of BET. It has been reported allegedly Tyler Perry's offer was too low.
BET operates VH1,BET, and streaming services BET+. Tyler Perry partnered with Paramount to create streaming services BET+. Perry did not raise his $2 billion bid to meet Paramount's asking price of $3 billion.
Paramount Global low key notified bidders on Wednesday of the cancellation. A source close to Paramount told The Post, " We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received."... The source continued with stating Paramount was hoping for a deal that would "result in meaningful de-leveraging" of Paramount's balance sheet.
A sale of the majority stake of BET Media Group would not have brought in enough cash to pay down enough company debt, which is deleveraging.
There are like synergies between BET Media Group and Paramount; with the overall affiliate distribution, advertising, and streaming businesses. BET Media Group claims to be the world's largest company dedicated to supporting black culture. The media giant was founded in 1980 by cable lobbyist Robert Johnson. Then acquired by Paramount Global in 2000 for about $2.3 billion.
Check out Patty Jackson's clip below on what she thinks is really going on at Paramount.
Photo: Getty Images
Video: Patty Jackson YouTube