Paramount Eyes Majority Stake Sale In BET Media Group, Courts Interest From Byron Allen, Tyler Perry

Paramount Global PARA is weighing the possible sale of a majority stake in BET Media Group, which includes the BET cable network, BET Studios, and VH1.
Paramount believes BET, an entertainment brand focused on the Black community and culture, would attract substantial interest from Black investors or institutions, Reuters reports citing familiar sources.
BET drew an immediate expression of interest from Byron Allen, whose Allen Media Group's assets include The Weather Channel.
Media mogul Tyler Perry, the actor and producer best known for the "Madea" movie franchise, also is interested in bidding.
Perry has a longstanding relationship with Paramount, partnering with the media company to launch the BET+ subscription service in 2019. He retains a minority stake in the service.
Paramount hopes to maintain a minority stake to benefit from any value the transaction might unlock.
Reportedly Paramount was exploring a possible sale of BET to improve its balance sheet.
In February, Paramount reported fourth-quarter FY22 revenue growth of 2% year-on-year to $8.13 billion, missing the consensus of $8.16 billion.
Global Direct-to-Consumer (DTC) subscribers rose to more than 77 million, adding 10.8 million total subscribers in the quarter.
Paramount+ added 9.9 million subscribers in the quarter, bringing Paramount+'s total subscribers to 56 million.
Adjusted EPS of $0.08 missed the consensus of $0.24.
Price Action: PARA shares traded higher by 1.09% at $22.28 on the last check Tuesday.