Home » News: American superstars Shaq, 50 Cent, and Kenya Burris make move to buy BET

News: American superstars Shaq, 50 Cent, and Kenya Burris make move to buy BET

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American superstars

A group that includes former basketball superstar Shaquille “Shaq” O’Neal, hip-hop mogul 50 Cent and TV producer creator Kenya Burris are interested in buying a majority stake ever since ​​Paramount Global (formerly known as Viacom) announced it was considering selling a majority stake in the Black Entertainment Television Network.

According to Moguldom, BET has been owned by media conglomerate Viacom since 2001, and now several Black business people are vying for ownership of the company started by Bob Johnson back in 1980. BET was founded by businessman Johnson, who sold it to Viacom in 2001 for about $3 billion. While it was a landmark deal, it also meant that BET would no longer be Black-owned. Before that, BET had become a major player in the broadcast industry, and in 1991, the network became the first Black-controlled television company to be listed on the New York Stock Exchange.

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Sources told TMZ that 50 Cent (whose real name is Curtis Jackson) and Barris were recently seen at the Paramount offices in NYC for a business meeting about the possibility of buying the network. O’Neil is also part of the group, which has partnered with Group Black, a company that invests in Black-owned media firms, private-equity firm CVC Capital Partners, and Authentic Brands Group, which develops and licenses its brands to retail operators, The Wall Street Journal reported.

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This new group has some solid investment and entertainment experiences. 50 has had major success on Starz cable network as the executive producer and creator of such shows as “Power”and its offshoots and “BMF.” He recently signed a multi-year creative deal with Fox.there’s Shaq and Kenya, who have massive TV Shaq has a portfolio of investments and businesses. And Barris is the creator behind such hit TV shows as “Black-ish,” “Grown-ish,” “Mixed-ish,” and his latest, “You People” on Netflix. Barris is already a minority stakeholder in BET Studios, a production arm of BET, along with Rashida Jones and Aaron Rahsaan Thomas, The Wall Street Journal reported.

The asking price for the stake in BET has not been made public, but many others are interested. According to The Wall Street Journal, Perry, who owns a minority stake in the BET+ streaming service, has teamed up with private-equity firm Ariel Alternatives, a subsidiary of asset-management company Ariel Investments, for his bid. And investment firm HarbourView Equity Partners has partnered with music billionaire Sean “Diddy” Combs and his company, Revolt, to consider a bid.

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