Benzinga - by Anusuya Lahiri, Benzinga Editor.
Paramount Global (NASDAQ: PARA) stock is trading lower Thursday amid reports of Byron Allen renewing his bid for BET Media Group, offering $3.5 billion to Paramount Global for BET and VH1.
This follows reports that Paramount is considering selling BET to a management-led investor group, including BET CEO Scott Mills and Chinh Chu of CC Capital Partners, with a potential deal valued at around $2 billion.
Earlier, Paramount had entertained offers for BET from various parties, including Allen and Tyler Perry, but withdrew from the process, finding the bids insufficient, the Deadline reports.
Also Read: Streaming Mega Merger? Warner Bros, Paramount CEOs Met On A Potential Deal Tuesday - Axios
Tyler Perry expressed disappointment during an event in Atlanta, describing it as disrespectful.
Allen's reinvigorated bid comes amid discussions about a more extensive merger between Paramount Global and Warner Bros Discovery.
BET Media Group encompasses several components, including the linear networks, the streaming service BET+, BET Studios (launched in 2021 with Kenya Barris, Rashida Jones, and Aaron Rashon Thomas), and VH1, which was integrated into BET last year.
BET, founded in 1980 by Robert Johnson as the first cable channel for Black audiences, was acquired by Viacom in 2001 for $3 billion.
The prospect of BET returning to a Black-owned media company has generated significant interest within the Black community.
Also Read: What's Going On With Warner Bros Discovery Stock?
Price Action: PARA shares are trading lower by 1.84% to $15.22 on the last check Thursday.
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