Paramount Global Walks Away From BET Stake Sale: Report
Portfolio Pulse from Shivani Kumaresan
Paramount Global (NASDAQ:PARA) has reportedly abandoned its plan to sell its majority stake in BET Media Group, which includes the VH1 and BET cable networks and BET+ streaming service. The decision was made as the sale would not significantly deleverage its balance sheet. The company had received bids worth $2 billion - $3 billion for its stake. Paramount has been looking to offload non-core assets like BET stake to raise money to shift more focus to its streaming service, Paramount+.
August 17, 2023 | 11:33 am
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NEUTRAL IMPACT
KKR & Co Inc's recent acquisition of Paramount's Simon & Schuster publishing business is mentioned in the article.
The mention of KKR's recent acquisition is not the main focus of the article and is unlikely to have a significant impact on its stock price.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Paramount Global's decision to not sell its majority stake in BET Media Group may impact its stock price.
The decision to not sell the stake in BET Media Group could be seen as a negative by investors who were expecting the company to raise funds from the sale. However, the impact on the stock price is uncertain as the company has other assets and operations.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100