PARA - Why Is Paramount Global Stock Trading Lower Wednesday? | Benzinga
Paramount Global (NASDAQ: PARA) stock is trading lower amid reports of the negotiations to sell its Black Entertainment Television (BET) network to a group led by BET CEO Scott Mills and Chinh Chu, a former Blackstone Inc (NYSE: BX) executive and head of CC Capital Partners.
The discussions, which are private and thus not publicly disclosed, revolve around a potential sale price of nearly $2 billion, Bloomberg reports.
Earlier in the year, Paramount, which owns CBS, MTV, and other channels, attempted to sell BET along with VH1 but did not receive satisfactory bids.
Chinh Chu, known for ...