Paramount Global Walks Away From BET Stake Sale: Report

Mass media and entertainment conglomerate Paramount Global PARA reportedly has let go of its plan to sell its majority stake in BET Media Group.

The group includes the VH1 and BET cable networks and BET+ streaming service.

The move to end the sale comes as Paramount felt that it would not harbor any meaningful deleveraging of its balance sheet, the WSJ reported.

The company notified bidders of the same on Wednesday, the report specified. The initial bidders included basketball star Shaquille O’Neal, who had teamed up with TV producer Kenya Barris and rapper 50 Cent and Group Black.

Paramount had reportedly received bids worth $2 billion - $3 billion for its stake.

Also Read: Paramount Global Q2 Earnings Highlights: Revenue Beat, EPS Beat, Paramount+ Hits 61M Subs

The company has been looking to offload non-core assets like BET stake to raise money to shift more focus to its streaming service, Paramount+.

Earlier in August, Paramount agreed to sell its Simon & Schuster publishing business to the private equity firm KKR & Co Inc KKR for $1.62 billion.

Price Action: PARA shares are trading higher by 0.07% at $15.00 in premarket on the last check Thursday.