December 4, 2023

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Shaquille O’Neal, 50 Cent think about bid for BET Media

2 min read

Group Black works with promoting companies to direct spending to Black-owned media. A spokesperson for Paramount declined to remark. Group Black didn’t instantly reply to a request.

BET Media consists of Paramount’s Black Leisure Tv cable channel, the BET+ streaming service and VH1, a cable channel that runs a lot of packages well-liked with Black audiences.

Whereas the standard TV enterprise is struggling, BET is a model that resonates with viewers, and it really works with a number of the nation’s prime Black entertainers.

Different events embody actor and producer Tyler Perry, who’s an investor within the BET streaming service, and TV station proprietor Byron Allen. Allen instructed Bloomberg TV this week he thought the acquisition can be an important alternative.

“This can be a phenomenal asset, they’re operating a course of, we’re a part of it,” Allen stated. “That is one thing that was Black-owned, and now that is the time for it to return into Black possession, which is essential.”

Whereas worthwhile, the BET channel’s gross sales have declined over the previous 4 years and income have been flat, in keeping with estimates from S&P International Market Intelligence. The community faces the identical challenges as all conventional TV firms, with audiences flocking to streaming companies and canceling their cable and satellite tv for pc TV subscriptions.

The BET channel generated $188.1 million in money circulation final 12 months on $432.2 million in income, S&P stated. VH1’s income has additionally fell. It generated $139.8 million in revenue on $502.1 million in gross sales final 12 months.

On Thursday, Paramount reported outcomes that upset buyers, together with a dividend lower, and the inventory cratered. The New York-based mum or dad of CBS and different channels has been trying to promote belongings to scale back debt and put money into its streaming TV enterprise. The corporate is contemplating the sale of a majority stake in BET, which its predecessor Viacom acquired from founder Robert Johnson for about $3 billion.

Paramount CEO Bob Bakish stated in March {that a} sale of BET is a chance. “We’re at all times searching for methods to unlock worth,” he instructed buyers at a media convention.

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