The company quietly notified bidders late Wednesday, a source said.
Paramount Global has scrapped an auction of Black Entertainment Group as bids from prospective buyers including media mogul Tyler Perry were disappointing, sources told The Post.
“We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received,” a source close to Paramount told The Post. Paramount then missed its forecast for BET’s earnings during the auction process raising more questions, a source said.
Tyler Perry bid roughly $2 billion for the BET Group but declined to raise his offer to the $3 billion asking price.Instead, over the last few weeks, the company had been pushing Perry, who already owns a 25% stake in BET’s streaming service, BET+, to increase his offer.
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