Paramount Global has informed companies bidding for its BET Media Group that it is no longer interested in selling a majority stake in the unit.
Paramount received unsolicited interest in BET Media Group, which includes BET, BET Plus, BET Studios and VH1, earlier this year and retained financial advisers to evaluate offers, according to a source familiar with the process.
Interested parties reportedly included Tyler Perry, Byron Allen and Sean (Diddy) Combs.
Paramount and its advisers determined that the prices bidders were willing to pay wasn't enough to offset the benefits of owning a majority stake in BET Media Group.
Paramount was reportedly looking for more than $3 billion for BET Media Group and none of the bids reached that price tag.
A sale would have enabled Paramount to reduce its debt and return BET to majority Black ownership.
Paramount had no comment on the situation, which was reported earlier by The Wall Street Journal.
