Byron Allen offers to buy BET from Paramount Global for $3.5 billion

[DinkyDev]

Media mogul Byron Allen has renewed his attempt to acquire BET Media Group from Paramount Global — extending a $3.5 billion offer.

On Tuesday, Allen, who is founder and CEO of Allen Media Group, emailed Paramount Global senior executives and board, offering $3.5 billion for BET Media Group, which includes the BET cable channel, VH1, BET Studios and streaming service BET+, sources familiar with the situation confirmed to Variety. That's up from $2.7 billion that Allen had offered earlier in 2023.

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In the email to Paramount brass, Allen wrote, "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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Earlier this year, Paramount Global had been exploring the sale of a majority stake in BET Media Group, with bidders said to include Allen, Tyler Perry and Sean "Diddy" Combs. In August, Paramount called off the bidding process for BET because "a sale wouldn't result in any meaningful deleveraging of its balance sheet," the Wall Street Journal reported.

The renewed interest in a deal for BET comes amid talks between Warner Bros. Discovery and Paramount Global about a potential merger. Meanwhile, Shari Redstone, whose National Amusements owns a controlling stake in Paramount Global, has been in talks to sell her shares in NAI, according to multiple reports.

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Byron Allen Offers to Buy BET From Paramount Global for $3.5 Billion

Byron Allen renewed his bid to acquire BET Media Group from Paramount Global -- extending a $3.5 billion offer.

variety.com

 

[belinho3]

Now, THAT´S Unleashed.

 

[Vagabond]

I am not sure about this because of how his previous networks (the Grio) turned out but its not like the current ownership is good either.

 

[NunezL]

Now, THAT´S Unleashed.

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