Groupe Black, a Miami-based media company owned by Black, has expressed interest in purchasing a majority stake in BET Media Group, The New York Times. reported on friday,
The company was founded in 2021 by Travis Montek, Richelle Dennis, and Bonin Boff and was recently incorporated. $400 million bid for Vice Media, According to the Times, the group is teaming up with CVC Capital Partners, a private-equity firm based in Luxembourg, as well as prominent black businessmen and artists for the BET deal.
As TheWrap reported on Monday, Tyler Perry and Byron Allen are also interested in buying BET from Paramount Global, though talks are still in the early stages, and Paramount may decide not to sell BET or its ownership of VH1.
BET was launched in 1980 by founder Robert Johnson as a channel exclusively for African-American viewers. Paramount acquired BET in 2000 for $2.3 billion. In addition to BET Linear Channels and VH1, BET Media Group oversees BET+, a joint venture with Perry, and BET Studios, a joint venture with Kenya Barris and Rashida Jones.
According to data from S&P Global Market Intelligence, BET’s annual profit – excluding BET+ or the network’s studio business – declined from $300 million to $215 million over the past 10 years.
Group Black and BET did not immediately respond to TheWrap’s request for comment. Paramount declined to comment to The Times.
