Paramount decides it won’t sell majority stake in BET Media Group

BET won't be sold after all: Paramount Global decided against selling the majority stake in the network.

A person familiar with the decision who was not authorised to speak publicly, told AP News that Paramount notified bidders late Wednesday night about its decision to conclude the BET Media Group sale process.

The person said the company determined that maintaining a heavy stake in BET creates more value for Paramount than any of the other proposals after consulting with financial advisers.

Some popular suitors included actor-director Tyler Perry, music mogul Sean "Diddy" Combs, and businessman Byron Allen. At one point, some considered Perry a leading contender based on the two successful series, "The Oval" and "Sistas," airing on the network. He also owns a minority stake in the BET+ streaming service.

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