Paramount Global reportedly in talks to sell BET network

Paramount Global (NASDAQ: PARA) is in focus this morning following a report that it is in talks to sell Black Entertainment Television (BET) network.

Who could be the buyer of BET network?

Anonymous sources told Bloomberg today that possible acquirers include Scott Mills – the chief executive of BET and Chinh Chu – the founder of CC Capital Partners.

The news arrives only days after Shari Redstone – the controlling shareholder of Paramount Global was reported interested in selling her stake in the mass media conglomerate to Skydance Media (find out more).

In November, the Nasdaq-listed firm reported revenue for its third financial quarter that topped Street estimates as subscription trends remained encouraging in the three-month period.   

Shares of Paramount Global have gained close to 50% over the past two months.

BET could be worth close to $2.0 billion

Paramount Global and the management-led investor group have discussed a sale price of close to $2.0 billion, as per people familiar with the matter.

The New York-headquartered entertainment company is yet to respond to the Bloomberg report on Wednesday. A representative of CC Capital Partners also refrained from commenting.

Note that Paramount was reported interested in divesting Black Entertainment Television in March as well. But the management then dropped the plan in August after failing to secure bids that satisfied it.

Paramount+ had over 63 million subscribers globally at the end of its latest reported financial quarter. Wall Street currently has a consensus “hold” rating on $PARA.