Paramount Global is in exploratory talks to sell a majority stake in BET Media.
The company has been clear about its desire to explore fundraising opportunities, including an attempt to sell publisher Simon & Shuster.
The Wall Street Journal first reported on the move with BET Media. The company declined to comment.
The division includes BET Linear Networks, BET+ (a joint venture with Tyler Perry), BET Studios, which was founded a few years ago with partners Kenya Barris and Rashida Jones, and VHI, which came under the BET umbrella last year moved.
A person familiar with the situation said Paramount would retain a minority stake and commercial agreements with BET for content on its platforms.
Given BET’s iconic status within Black culture and the Black creative community, it could potentially attract interest from wealthy individuals or minority-owned institutions.
BET, or Black Entertainment Television, was founded in 1980 by Robert Johnson, the first cable channel to cater to a black audience. It was acquired by Viacom in a $3 billion deal in 2001.
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Source: Deadline
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