Paramount CEO Bob Bakish was also asked about the possibility of the Hollywood studio selling most of its ownership in BET Media Group and gave a response.
During the Morgan Stanley TMT Investors Conference, Bob Bakish, the CEO of Paramount Global, discussed the recent $3 billion bid for the company’s Showtime division. Bakish stated that the bid was not attractive to the company, as it did not align with their internal business plan, synergies, and streaming path to profitability. He added that it was a high bar, but they evaluate everything. Bakish also revealed that the company plans to merge its Paramount+ and Showtime businesses, which was announced in January.
In addition, Bakish was asked about the potential sale of a majority stake in the BET Media Group business, which includes BET, VH1, and the BET+ streaming service. While he did not confirm early stage talks about a possible sale, Bakish stated that Paramount is always looking for ways to unlock value and is a steward of shareholder value. He added that they would consider any opportunities that align with their strategic, commercial, and financial theses. Tyler Perry and Byron Allen are among the potential buyers for the BET stake, and if a deal were to close, Paramount would maintain a minority stake in the business and a commercial relationship.
Overall, Bakish’s statements indicate that Paramount is carefully considering its options and is focused on creating value for its shareholders. While the company is open to exploring opportunities, it is also mindful of its business plan and the potential for future growth.
Source: The Hollywood Reporter
