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

[LevelUp]

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.

Reps for Paramount Global and Allen Media Group declined to comment. Bloomberg first reported on Allen’s renewed offer for BET. Other potential buyers of BET Media Group include BET CEO Scott Mills, a 26-year veteran of the company, and Chinh Chu, a former executive at private-equity firm Blackstone executive who runs CC Capital Partners, who have discussed a price tag of under $2 billion, Bloomberg reported.

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.”

https://variety.com/2023/tv/news/byron-allen-bet-acquisition-offer-paramount-1235847887/

 

[Jerz-2]

Byron Allen is a TRUE power broker. Dude been in the game forever.

 

[mson]

They're going to have to explain why they're turning down a higher offer.

 

[KingsOfKings]

Dope

 

[InGodWeTrust]

Yes

 

[Silver Surfer]

He gonna get it

 

[L. Deezy]

I dont see the value..but clearly he does. It needs a guy like him to revamp those dead ass stations.

 

[Blackrogue]

I thought scandals come because people try by networks

 

[JustCKing]

I thought scandals come because people try by networks

Not one for conspiracy theories, but there could be some truth to it. I would imagine that brokers and what not would do a sort of audit or background check on whomever was trying to buy the network. I mean, who wants an owner of the network involved in a scandal that would the network and brand. During that audit, they might interview or depose people who had professional relationships. And this is how we get some of these lawsuits because the people deposed/interviewed might reveal defaming information that they've never spoken about and if it is something along the lines of sexual assault, rape, sex trafficking then individuals are encouraged to come forward. I could definitely see this being the case if there are others competing for ownership. If something defaming comes out during the audit, that person is forced to withdraw bids for ownership. If they persist, then it all goes public via a lawsuit.

 

[BigMoneyGrip]

They're going to have to explain why they're turning down a higher offer.

You know why

 

[LevelUp]

I thought scandals come because people try by networks

Nahhhh

 

[LadyJ2]

They're going to have to explain why they're turning down a higher offer.

Companies do this all the time. Besides, Scott Mills has been with Viacom forever and is current CEO. Much less volatility from an inside sale.

Remember the stock price cannot crash or everyone is up shytsCreek.

Allen has run his own shop forever but can he acquire a huge brand like BET and handle it?

 

[LadyJ2]

So we’re leaking offers and emails over the Christmas holiday, eh?

 

[Rollie Forbes]

 

[ORDER_66]

Where is he getting all that money from just to buy BET... this is wild...will paramount sell out or just give him BET why is this such a hassle???