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A new update regarding the potential sale of BET has been revealed. According to Bloomberg, Paramount is reportedly in talks with BET CEO Scott Mills and CC Capital Founder Chinh Chu, who are looking to buy the network. Bloomberg’s anonymous sources share that the group is aiming to offer $1.6 billion to $1.7 billion. The outlet details that the new offer follows the group’s initial attempt to purchase BET in December 2023 for “a little under $2 billion” and also comes after Paramount’s proposed merger with David Ellison’s Skydance Media fell through. As previously shared by AFROTECH™, Byron Allen has shown avid interest in being a potential buyer of BET. So much so that he reportedly placed an offer of $3.5 billion that same month. The whopping offer marked the media mogul’s second attempt to lock in the opportunity to make BET Black-owned again. “You are pursuing an inside sale at a below-market price with management that will not yield the highest price for the stockholders,”...
In April 2023, Tyler Perry shared his interest in bidding to purchase a majority stake in BET Media Group from Paramount. As BET is the home of his shows such as “Sistas” and “House of Payne,” there was potential alignment. In addition, the media mogul hoped for the network to become Black-owned once again. However, the aspiration came to an end shortly after. By August 2023, Paramount announced that it had ended its initial plan to sell its majority stake in BET Media Group stating that “a sale wouldn’t result in any meaningful deleveraging of its balance sheet,” as previously shared by AFROTECH™. With the change in plans, Perry, along with other reported bidders including Byron Allen, did not gain ownership of BET. As AFROTECH™ previously told you, Perry was reportedly among the offers that ranged from $2 billion to $3 billion, but the bidding process didn’t pan out as he had hoped. “I was disappointed about it for a number of reasons,” Perry shared at Bloomberg’s Equality Summit,...
Remember when Beyoncé danced to O.T. Genasis’ hit song “Everybody Mad”? She had the entire “Coachella” audience screaming the iconic line, “I been getting to the money.” Although this is on brand for the Houston, TX, native, a long history of successful Black women can say the same thing about success. This is where Sheila C. Johnson enters the chat. Johnson is the first Black woman to become a billionaire, and her journey toward that fortune is just as fascinating as it is history-making. Born in 1949 and originally from McKeesport, PA — Johnson had a father who was a prominent neurosurgeon and a mother who was an accountant, per Black Past. Both career successes would prove to be a marker for Johnson’s accomplishments throughout her life. According to a Forbes profile, her parents enrolled her in an all-white Kentucky elementary school before desegregation. As a student, she pursued a love for music, becoming a concert violinist during high school. Johnson’s love for music would...
Byron Allen has placed a significant proposal on the table once again. The Hollywood Reporter states Allen Media Group is looking to place a $14.3 billion offer to purchase Paramount Global’s remaining shares. If the deal is approved, Allen Media Group will acquire Paramount’s debt as well, which is estimated to be $15 billion. “Mr. Byron Allen did submit a bid on behalf of Allen Media Group and its strategic partners to purchase all of Paramount Global’s outstanding shares,” the statement read, according to the outlet. “We believe this $30 billion offer, which includes debt and equity, is the best solution for all of the Paramount Global shareholders, and the bid should be taken seriously and pursued.” This isn’t Allen’s first proposal to acquire another media giant. As AFROTECH previously told you, the billionaire was looking to purchase BET Media Group, when it had been put up for sale by Paramount Global in 2023. Ultimately, Paramount Global would retract its proposal in August...
“Real Housewives of Atlanta” star Sheree Whitfield may have asked the coveted question, “Who gone check me, boo?,” but legendary rapper Busta Rhymes gave us the answer years earlier with his classic hit, “Woo-Hah!! Got You All in Check.” While millions of fans across the world know Busta Rhymes as the unstoppable MC behind such hits as “Break Ya Neck,” “Arab Money,” and “I’ll Hurt You,” a select few know him exclusively under another moniker: Dad. Between the years of 1993 and 2006, Busta Rhymes has fathered six children, all while balancing his career as a jet-setting founding father of modern hip hop. Since the start of his career, Rhymes has been making waves on the music scene with his equally creative talent, musical approach, and style. As a result of all this hard work, Busta Rhymes has amassed a massive fortune of over $20 million, according to Celebrity Net Worth. With 6 kids to feed, clothe, and put through school, Busta has certainly had his work cut out for him, though...
TruSo, a Black-owned social networking app, has come out the gate swinging. In a press release announcement, it was revealed that the new app — backed by the likes of Sway Calloway, Kareem Grimes, Terrell Owens, and Miki Barber — is poised to solve the challenges posed by audio-only apps like Clubhouse. And for that reason, the founders are promising that their new app will “disrupt” Clubhouse in a way no other app could before. “I believe in the power of community— especially cultural communities. As it relates to the Black community, the entire world has witnessed what we can accomplish when we join together behind a cause—we create a phenomenon. Now, we are introducing a social community that is built and funded by Blacks for Blacks and has monetization built-in so that everyone wins,” said Matthew Newman, the founder and CEO of TruSo, in the press release announcement. “Those who use the app should also benefit financially. That’s what we’ve built.” Designed to empower and...
Julie Wenah doesn’t necessarily want to address the elephant in the room about Facebook, but she knows she has to. “When it comes to the product, itself, I know there’s a lot of work to be done,” she told AfroTech. “Leaving aside the privacy concerns, there is also no shortage of safety concerns, as well. The trust in our brand is lost amongst a certain segment of the population — we understand that, and we appreciate that. But more than anything, we’re doing everything we can to re-establish the trust in the brand, in the product — and we thank people, in advance, for their patience.” The shattered trust in the Facebook brand, of course, comes from a combination of sources. Black people in general — and Black women, in particular — don’t feel safe in the space; according to Pew Research, almost 60 percent of all Black Internet users say they have experienced a form of online harassment — and social media platforms, like Facebook, Twitter, and Instagram could be incubators for such...
A new report is sharing shocking information about how human traffickers are moving their exploitative practices online. According to the Human Trafficking Institute, its recently published 2020 Federal Human Trafficking Report revealed that 59 percent of online sex trafficking recruitment last year took place on Facebook, Business Insider reports. The report was released to mark the 20th anniversary of the Trafficking Victims Protection Act (TVPA), which made human trafficking a federal crime. Throughout this year’s edition of the report, it highlights data and trends that span across two decades of anti-trafficking enforcement in the U.S. In addition to Facebook, Snapchat, WeChat and Facebook’s Instagram have also been identified as hotspots for sex trafficking cases. Sex trafficking that used to take place by kidnapping strangers off the street is becoming less popular as the internet is increasingly becoming the new breeding ground for child exploitation and victim recruitment....
When people mention social media influencer Ari Fletcher, they miss the chance to highlight how she’s a multi-million dollar entrepreneur. But the young internet figure has found a way to make the social game a lucrative business to build her own wealth. Contrary to popular belief, Ari Fletcher is more than the mother of rapper G Herbo’s son. She’s also one of a few Black influencers who helped change the social media space so its platforms can help its most popular users generate millions of dollars in revenue. In case you’re not familiar already, get to know Ari Fletcher and her life as a businesswoman with a few fun facts below: Her social media handles are a tribute to her late brother. After her brother passed away in 2013, Fletcher changed all of her social media handles in honor of his name, Kyle Jamison. Including his name on all of her social media profiles is her way of keeping his name alive. View this post on Instagram A post shared by KYLESISTER (@therealkylesister)...
Sheila Johnson became the first Black woman billionaire in America when she co-founded BET with her husband, Robert Johnson. At the time, she made headlines by providing the first Black platform for arts and entertainment, and doing so at a time when the Black narrative was either whitewashed to be more palatable to “Middle America” or eliminated from the status quo altogether. Today, Sheila Johnson — who is now 72-years-old and the owner of Salamander Hotels & Resorts — is entering what some might call the “golden years” of her career. And according to CNN, part of those “golden years” involve investing in a new musical called “Grace.” The musical, which was by acclaimed composer and playwright Nolan Williams Jr. and executive producer Dale A. Mott, pays homage to Black culinary history as well as Black women entrepreneurship. Naturally, with these themes resonating so strongly in Johnson’s life, investing in the musical was a foregone conclusion. “If you listen to the music, it...
Social networks have quickly become our saving grace in the pandemic during a time where people are trying their best to stay connected while safely social distancing. For communities all over, mainly the BIPOC community, a tech company has launched a new social media platform with an overarching goal to unify people during this hectic time. RepItSocial, which is the same name as the tech company, is a revolutionary social media app that is poised to become the central hub for all things BIPOC, according to a press release. Courtesy of RepItSocial RepItSocial — developed by co-founders D’Oyen and Azalaya Fraser, and former BET Networks president Jefferi K. Lee — is described as “the new face of social media that represents the voice, energy and true diversity of this new generation. It is the premium platform for entertainment, empowerment and unification of all things BIPOC (Black, Indigenous, People of Color),” a press release shares. Similar to the melting pot that is America,...
More Black women are climbing the ranks of leadership in the business world. This past Wednesday, Debra L. Lee — former chairman and CEO of cable network channel BET — joined the board of directors at the Procter & Gamble (P&G) — a multinational consumer goods company, Black Enterprise reports . “We are delighted to welcome Debra to the board,” said P&G Chairman, President and CEO David Taylor in a news release . “She has distinguished herself as a leader in the media industry for more than 30 years and brings broad, deep knowledge ranging from media strategy and programming to corporate risk oversight.” He added: “Her experience, expertise and guidance will further strengthen our efforts to better serve consumers and a broad range of stakeholders. We look forward to her contributions.” Lee is a seasoned executive in the media business having served in numerous C-suite roles at BET Networks — a media and entertainment subsidiary of ViacomCBS –throughout her 30-year tenure. She...
Although the 2020 election is nearly one year away, BET founder Robert L. Johnson has already predicted the outcome. In a recent CNBC interview, the billionaire entrepreneur and philanthropist projected President Donald Trump’s win based on the President’s strategic ability to turn the tide of news cycles and to make himself the lead story . In the past, Johnson has also touted the President’s economic success. In July, Johnson discussed the upward economic trend with CNBC, indicating record lows of black unemployment . More recently, in an interview with CNBC’s “Squawk Box,” Johnson spoke about his ability to speak with President about various issues, aiming to give credit where credit is due, “ …when I see a president doing positive things, particularly for African Americans. ” When asked if a particular 2020 presidential candidate had clenched his vote, Johnson clarified, “ I don’t think it’s fundamentally in the best interests of African Americans to be locked up in one party. ”