50 Cent, Shaquille O’Neal, and Kenya Barris have teamed up with Group Black in the bid to buy BET. Also apart of this is group of investors is the private-equity firm CVC Capital Partners and Authentic Brands Group, which develops and licenses its brands to retail operators, the people said.
As we previously mentioned:
A third Black-owned company, Miami-based media company Group Black, has expressed interest in purchasing a majority stake in Black Entertainment Television (BET) from Paramount Global. They are the latest company to join Tyler Perry and Byron Allen, who have also previously shown interest in acquiring the media company and its sister network, VH1.
READ: Update: Byron Allen and Tyler Perry Eye Majority Stake Purchase of BET from Paramount Global
Group Black, owned by Black entrepreneurs Travis Montaque, Richelieu Dennis, and Bonin Bough, recently offered $400 million to purchase Vice Media and is now working with private-equity firm CVC Capital Partners, along with other notable Black business figures and artists, to pursue the BET deal. The potential sale is part of Viacom’s exploration into supporting Black-owned and controlled media companies.
BET’s daily audience has decreased 20% since 2000, and its annual profit fell to $205 million last year from its peak of $319 million in 2013, according to S&P Global Market Intelligence. However, despite declining profits in the last decade, BET remains a significant platform catering to African-American audiences.
The talks for the sale of BET are still in the early stages, and Paramount Global may ultimately decide not to sell to any of the interested parties. BET Media Group oversees BET+, a joint venture with Perry, and BET Studios, a joint venture with Kenya Barris and Rashida Jones, in addition to the BET linear channel and VH1.
Group Black’s interest in the acquisition of BET highlights the growing trend of Black-owned media companies emerging as significant players in the entertainment industry. As talks for the sale continue, the industry and Black community alike will be closely watching the outcome of the potential acquisition.
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