Byron Allen has renewed his efforts to buy BET Media Group from Paramount Global by extending a $3.5 billion offer, a $2.7 billion increase from his original offer.
The founder and CEO of Allen Media Group is not folding on his efforts to acquire BET Media group, which includes the BET cable channel, BET Studios, BET+ streaming service, and VH1.
In an email to Paramount Global senior executives and board, Byron wrote:
You are pursuing an inside sale at a below-market price with management that will not yield the highest price for the stockholders.
We believe it would be an egregious breach of fiduciary duty by the Paramount Global management team and board of directors if BET is sold for anything less than the highest price, particularly, in order to provide a sweetheart deal to an insider at the expense of public shareholders.
You may recall that both Tyler Perry and Sean “Diddy” Combs had expressed an interest in purchasing a majority stake in BET Media Group and offered bids.
However, in August, the Wall Street Journal reported Paramount called off the bidding process for BET because “a sale wouldn’t result in any meaningful deleveraging of its balance sheet.”
Byron Allen is looking to make a major boss move as reports surface of a potential merger between Warner Bros. Discovery and Paramount Global.
One thing is for certain, Byron Allen is always going to stand on business.
In September, he publicly announced a $10 billion offer to purchase ABC, eight local TV stations, FX, and National Geographic.
Disney CEO Bob Iger said the company’s linear networks are “not for sale.”
BET was founded by Robert L. Johnson in 1980 and became a major outlet for programming targeted at Black audiences.
Johnson sold BET to Viacom in 2001 for $3 billion.
Please join me in wishing Byron Allen the very best in his efforts to buy BET and all of his endeavors and boss moves!
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