Byron Allen Offers to Buy BET From Paramount Global for $3.5 Billion
variety.comTodd Spangler NY Digital Editor 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.
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