Paramount Global (NASDAQ:PARA) is in discussions to sell the Black Entertainment Television network for up to $1.7 billion to buyers that include Chinh Chu, the head of the New York-based private equity firm CC Capital, and Scott Mills, the chief executive officer of BET, Bloomberg reported on Monday.
In December, the same duo discussed a deal for just under $2 billion for the BET network. The company also attracted interest from media mogul Byron Allen in March, who sent an email to Paramount’s (PARA) management and board reiterating his offer of up to $3.5 billion for both BET and the VH1 channel.
The report said that Mills and Chu are now discussing a potential offer for BET after Paramount’s (PARA) controlling shareholder Shari Redstone walked away from a proposed merger with David Ellison-owned Skydance Media.
On Monday, The New York Times reported that Barry Diller and his company, IAC Inc. (IAC), are exploring a bid to take control of the entertainment giant. Separately, the company also held talks with other industry peers about merging its Paramount+ streaming service with an existing platform.
Earlier this year, Warner Bros. Discovery (WBD) held preliminary talks to buyout Paramount, but those discussions didn’t progress.