Paramount Decides Not to Sell Majority Stake in BET After Low Bids

Paramount decided not to sell a majority stake in BET after receiving bids in the $2-3 billion range which were lower than expected.
Tyler Perry, Sean "Diddy" Combs, and Byron Allen were among those interested in buying BET.
Paramount acquired BET in 2000 for $3 billion and was looking to sell to help reduce debt.
BET has declined in subscribers and revenue over the past decade but sees potential in its streaming service BET+.
Despite cancelling the sale, Paramount still aims to streamline assets to focus more on streaming and core entertainment.