Renowned rapper and entrepreneur Curtis “50 Cent” Jackson has expressed his views on the recent decision made by Paramount Global, the parent company of BET Media Group, regarding the reversal of their plan to sell the majority stake in BET.
In a recent post on Instagram, 50 Cent, whose spirits company and charitable foundation, G-Unity Foundation, have seen collaboration with prominent sports franchises, shared his reaction to Paramount Global’s call to cease the sale negotiations with potential buyers.
These buyers included notables such as Shaquille O’Neal, Tyler Perry, Sean “Diddy” Combs, and Byron Allen. In his Instagram post, 50 Cent said BET is not worth the $3-billion valuation.
Paramount Global initially disclosed its intent on March 6 to divest a controlling interest in its holdings, which encompass not only BET but also VH1 and the BET+ streaming platform.
The group maintained that a consortium of affluent Black individuals and institutions could potentially unlock unique value for BET, a proposition that might be more challenging to realize under the present corporate ownership structure.
With the likes of 50 Cent, O’Neal, Combs, and Perry expressing their interest, and even Perry submitting a bid of $2 billion last month to acquire not only BET but also the VH1 network and BET Studios, Paramount Global was short by a mere $1 billion from its $3 billion asking price.
However, a surprising turn of events unfolded this Wednesday when the media group took an about-face. Speaking on the condition of anonymity, an undisclosed source familiar with the matter confirmed the reversal on Thursday.
The legacy of BET dates back to its founding in 1980 by Robert L. Johnson and Sheila Johnson. The network fundamentally changed the television landscape, carving its place as one of the most successful Black-owned enterprises in history and catapulting Robert L. Johnson into the ranks of billionaires.
In 2001, Viacom, now operating under the name Paramount Global, executed a groundbreaking acquisition of BET for a staggering $3 billion.
Presently, BET Media Group encompasses prominent networks such as BET and VH1, contributing to an estimated valuation of approximately $3 billion based on annual cash flow assessments.
