Paramount is no longer exploring a sale of BET Media, the company’s new chief executive David Ellison told reporters on Wednesday.
During a length question-and-answer session with entertainment trade publications, Ellison said Paramount is interested in keeping most of its assets, including BET Media, and investing in those businesses “through the lens of long-term operation.”
The comments mark a hard reversal from a strategy employed by Paramount executives before the company merged with Skydance Media this month. For several years, Paramount has held on-and-off discussions with a number of companies and media moguls who have expressed interest in acquiring some or all of BET Media, which includes the BET cable channel, VH1 and streaming service BET Plus.
Byron Allen, the comedian-turned-broadcaster, was one of several potential suitors for BET Media, though executives at Paramount raised concerns over his ability to finance a deal. The amount Allen was willing to commit was also less than what Paramount was hoping to get from a sale, and his offer was ultimately rejected.
Tyler Perry, who has a financial stake in BET Plus, also offered to acquire the company, though Paramount executives shrugged off his bid.
Andy Gordon, Paramount’s Chief Strategy and Operating Officer, said BET Media and other cable brands like Comedy Central and MTV have a place in the company’s future plan, though the networks may ultimately evolve beyond their linear cable channels in order to meet Paramount’s desire to transform into a streaming-first enterprise.
Last week, Paramount President Jeffrey Shell said the company is still considering asset sales, but not necessarily ones involving media brands. Instead, Paramount is weighing the best path toward divesting a portfolio of movie theaters that were co-owned with National Amusements, its former majority stakeholder. Paramount is expected to retain its movie and television production lots.
