7 Businesses That Went From Black-Owned To Corporate Entities
- By
MadameNoire
BET – acquired by Viacom for $2.34 billion in 2000
Mass media giant BET, a cable channel catering to the African-American audience with a focus on hip-hop and urban culture,was one of the nation’s largest black-owned companies. BET Holdings, the owner of BET, reported $225 million in revenue in 1999, the year before the company’s purchase by Viacom for close to $2.4 billion. Viacom also assumed BET Holdings’ $570 million debt as part of the sale agreement. The deal, which greatly increased BET’s advertising revenues, reflected positively on the value of Viacom’s stock.
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