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/

 

[Womb Raider]

 

[Yzak]

Hope he gets it and removes all the c00n shyt and uses it to promote education and musical instruments to kids

 

[Schadenfreude]

If you've got that kind of money to spend on a network, why not just start one from the ground up? That way you start with a clean slate and can make your own mark. Only thing is, is getting an FCC license difficult/expensive? Is that why the price offered is so high?

 

[MostReal]

Get it Allen

 

[AquaCityBoy]

If you've got that kind of money to spend on a network, why not just start one from the ground up? That way you start with a clean skate and can make your own mark. Only thing is, is getting an FCC license difficult/expensive? Is that why the price offered is so high?

BET is in 88 million homes.

Any upstart network would be lucky to be in 1% of that.

 

[Scottie Drippin]

If you've got that kind of money to spend on a network, why not just start one from the ground up? That way you start with a clean skate and can make your own mark. Only thing is, is getting an FCC license difficult/expensive? Is that why the price offered is so high?

You want someone to just launch a new media network again from the ground up in the era of Quibi

 

[Peter Popoff]

If you've got that kind of money to spend on a network, why not just start one from the ground up? That way you start with a clean skate and can make your own mark. Only thing is, is getting an FCC license difficult/expensive? Is that why the price offered is so high?

I think part of it, is that Bet has rights to a lot of our childhood sitcoms like Martin, Fresh Prince, Family Matters, etc...as well as music.

If he starts from the ground up, he may very well not have those rights and just have to create entirely new content.

Having the ability to space it out with fillers and create new content would be dope.

But honestly, this is just exposing racism in capitalism at its finest. He's black, they don't want him having it. If you remember Diddy, Byron and Tyler Perry were going to partner up and buy it.

Diddler is out and TP is probably about to get exploited next so we'll see.

 

[Buddy]

That would be his best decision in recent years. Hope it works out for him, I don't have the stomach to follow a lawsuit

 

[KingsOfKings]

Dope

 

[Neuromancer]

I hope this works.

 

[Tribal Outkast]

If you've got that kind of money to spend on a network, why not just start one from the ground up? That way you start with a clean slate and can make your own mark. Only thing is, is getting an FCC license difficult/expensive? Is that why the price offered is so high?

He owns so much stuff that people don’t watch, it would be a major get for him if he could buy BET. He owns the weather channel and I remember people being surprised when that happened.

 

[Cynic]

If you've got that kind of money to spend on a network, why not just start one from the ground up? That way you start with a clean slate and can make your own mark. Only thing is, is getting an FCC license difficult/expensive? Is that why the price offered is so high?

Staff, staff, staff, staff….

 

[Big Boss]

uh oh

 

[CBalla]

People still watch tv