Source: MICHAEL TRAN / Getty
Media mogul Byron Allen has made an offer to acquire BET from Paramount Global for $3.5 billion. Allen, the founder and CEO of Allen Media Group, emailed senior executives and the board at Paramount Global, proposing the purchase of BET Media Group, which includes the BET cable channel, VH1, BET Studios, and the streaming service BET+.
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This renewed bid increased the offer from $2.7 billion, which Allen had previously proposed in 2023
BET Media Group is attracting interest from various potential buyers, including BET CEO Scott Mills, who has been with the company for 26 years, and Chinh Chu, the former Blackstone executive currently leading CC Capital Partners. Reports from Bloomberg suggest that they have engaged in discussions regarding a potential acquisition with a proposed price tag falling below $2 billion.
In the email addressed to Paramount, Allen expressed his concerns, stating, “You are pursuing an inside sale at a below-market price with management that will not yield the highest price for the stockholders. We believe it would be an egregious breach of fiduciary duty by the Paramount Global management team and board of directors if BET is sold for anything less than the highest price, particularly, in order to provide a sweetheart deal to an insider at the expense of public shareholders.”
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Representatives for Paramount Global have refrained from providing comments on the matter.
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