Paramount is having the last word in the rampant rumors and buzz surrounding a potential sale of BET. It’s final decision is that there will be no sale.
The move to squash the sale followed months of rumors and bids from entertainment heavy hitters, including Byron Allen, Sean “Diddy” Combs and most notably Tyler Perry, who already has a minority stake in the network as well as a multi-year deal for content.
The decision to end the bidding process was first reported by the Wall Street Journal. According to one report, no bidder could meet their $3 billion asking price. But official word was that the company notified bidders that it decided to end the sale process as it would not result in any meaningful leveraging of its balance sheet.