BET won't be sold after all: Paramount Global decided against selling the majority stake of the network.
Paramount notified bidders late Wednesday night about its decision to conclude the BET Media Group sale process, said a person familiar with the decision who was not authorized to speak publicly. The person said the company determined maintaining a heavy stake in BET creates more value for Paramount than any of the proposals after consulting with a couple highly-experienced financial advisors.
BET has seen a decline in subscribers and revenue over the past decade. Subscribers fell to an estimated 66.3 million in 2022 from 89.5 million in 2014, a peak year for cable television, according to S&P Global. S&P said the cable network's annual profits have fallen from an estimated peak of $319 million in 2013 to $188 million in 2022.
"106 & Park" became a flagship program for BET creating opportunities for unknown personalities into household names including A.J. Calloway, Marie "Free" Wright, Terrence J and Rocsi Diaz. The weekday show -- which started in 2000 and lasted more than a decade -- thrived with a video countdown, interviews and performances. A year later, the network started the BET Awards to celebrate the contributions that people of color have made through entertainment and sports realm.
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