Byron Allen Offers Paramount $3.5 Billion in Renewed Bid for BET

Paramount pulled back a planned auction of the cable channel earlier this year

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Byron Allen is taking another swing at BET Media Group. On Wednesday, the mogul offered $3.5 billion to Paramount Global in a renewed attempt to acquire the Black culture-oriented cable company, TheWrap has confirmed.

Paramount Global began exploring the sale of BET in March, part of an effort to generate cash in support of, among other things, Paramount+. But the company backed away from that plan in August, when it informed bidders the sale wouldn’t generate a significant enough amount of money.

It’s not known precisely why Allen chose this moment to try again, but in a remarkable coincidence — or, perhaps not — his new offer comes on the same day that Warner Bros.

Ross A. Lincoln

Ross joined TheWrap as a news editor in 2017; he was previously associate editor at Deadline from 2015-2017, and before that comics editor at The Escapist, and features editor at Game Front. As a writer, in addition to TheWrap his bylines can be found at Deadline, Box Office, The Los Angeles Times, LA Weekly, The…

Drew Taylor

Drew Taylor is a reporter at TheWrap. Before joining the organization in 2021, Drew was a freelance film journalist with a keen interest in animation and Disney history. Drew has been covering film, television and theme parks for 15 years. He has written for the New York Times, the New York Daily News, Time Out…

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