Paramount Global has reportedly abandoned plans to sell a majority stake in BET Media Group, which includes the BET cable networks, BET+ streaming service and VH1.

The company notified bidders on August 16th that it has decided to end the sale process as a sale would not result in any meaningful deleveraging of its balance sheet, according to the WSJ report said.

Paramount is said to have received bids for the stake ranging from around $2 billion (€1.84bn) to $3 billion.

Reports emerged back in March that Paramount was considering the sale of a majority stake in BET. The company intended to maintain a minority stake the the entertainment brand focused on the Black community and culture.

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Tags: BET, paramount