Paramount Global is planning to sell BET for between $1.6 billion and $1.7 billion. The current CEO of BET, Scott Mills, who has been with the company since 1997 and became CEO in 2021, is reportedly interested in buying it. Paramount had previously considered selling BET to figures like Tyler Perry and Sean “Diddy” Combs but decided against it last year to maintain control over the network.

Now, Paramount is selling off various assets, including CBS’ New York headquarters and other properties, to focus more on streaming partnerships and digital growth. Unfortunately, this restructuring has also led to job cuts within the company.

Selling BET could significantly impact both Paramount and the network itself. For Paramount, it represents a strategic shift towards digital platforms amid a competitive media landscape. Meanwhile, the sale could potentially redefine BET’s future under new ownership, affecting its programming and operations.

This decision underscores Paramount’s efforts to streamline its business and adapt to evolving consumer preferences in media consumption. The outcome will not only shape the future of BET but also influence Paramount’s broader corporate strategy moving forward.