03:46 PM EDT, 07/02/2024 (MT Newswires) -- (Updates the second paragraph with more details, requests for comment in the third paragraph, and stock movement in the fourth paragraph.)

Paramount Global ( PARAA ) is in exclusive negotiations to sell its Black Entertainment Television network for $1.6 billion to $1.7 billion, Bloomberg reported Tuesday, citing people familiar with the matter.

BET CEO Scott Mills and CC Capital Senior Managing Partner Chinh Chu are reportedly renewing discussions with Paramount for BET after Shari Redstone, who controls Paramount, last month abandoned a proposed merger with Skydance Media.

Paramount Global ( PARAA ), BET, and CC Capital did not immediately respond to requests for comment by MT Newswires.

The company's shares were up 5.6% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 10.71, Change: +0.57, Percent Change: +5.57