Who Owns Bet?

Paramount Skydance Corporation owns BET, the influential Black entertainment television network. The ownership structure changed dramatically in August 2025 when Skydance Media completed its acquisition of Paramount Global, creating a new media entity.

Since its founding by entrepreneur Robert L. Johnson in 1980, BET has grown from a two-hour weekly programming block into a comprehensive media operation reaching millions of households. The network operates under the BET Media Group umbrella, which includes BET cable channel, BET Plus streaming service, VH1, and BET Studios.

The company recently underwent significant restructuring. David Ellison serves as chairman and chief executive officer of Paramount Skydance, with Jeff Shell holding the president position. This leadership team oversees all operations including the BET Media Group division, where Scott Mills continues as chief executive officer.

Paramount Skydance maintains operations across multiple entertainment sectors. The company manages broadcast networks like CBS, cable channels including MTV and Comedy Central, streaming platforms such as Paramount Plus and Pluto TV, and film production through Paramount Pictures. BET remains a significant component within this diversified media portfolio.

Who Owns BET?

Paramount Skydance Corporation owns BET through its Media Networks division. The company formed in August 2025 when Skydance Media acquired National Amusements and merged with Paramount Global.

The ownership structure operates through National Amusements, which serves as the controlling shareholder. Larry Ellison, founder of Oracle Corporation, provided $6 billion in financing for the transaction. RedBird Capital Partners contributed the remaining $2 billion of the total $8 billion investment package.

David Ellison controls management and operational decisions as both chairman and chief executive officer. His leadership team includes Jeff Shell as president and Andy Gordon as chief operating officer and chief strategy officer. These executives direct all company operations including the BET Media Group.

The voting control distribution shows the Ellison family holding 77.5 percent through National Amusements, while RedBird Capital Partners maintains 22.5 percent. Public shareholders own approximately 28.3 percent of non-voting shares in the combined entity, which trades under the ticker symbol PSKY on Nasdaq.

History of BET Co-founders

Robert L. Johnson

Robert L. Johnson founded Black Entertainment Television in January 1980 after working as a lobbyist for the National Cable Television Association. He launched the network with a $15,000 loan and $500,000 investment from media executive John Malone.

The network started as a two-hour weekly programming block on USA Network, reaching 3.8 million cable subscribers. Johnson expanded operations steadily, transforming BET into a 24-hour channel by 1983. In 1991, BET became the first Black-controlled television company listed on the New York Stock Exchange.

Sheila Johnson

Sheila Johnson co-founded BET alongside her then-husband Robert L. Johnson. She contributed significantly to the network’s early development and growth strategies during the founding years.

Johnson helped establish BET’s programming direction and business operations during the critical startup phase. She remained involved with the company through its expansion period in the 1980s and early 1990s. After her divorce from Robert Johnson, Sheila Johnson pursued other business ventures and became a successful entrepreneur in hospitality and sports franchise ownership.

Board of Directors for Paramount Skydance

Executive Leadership

David Ellison serves as chairman and chief executive officer of Paramount Skydance. He founded Skydance Media and led the acquisition strategy that created the merged company. Ellison holds majority voting control through the family ownership structure and directs all strategic initiatives.

Jeff Shell holds the president position, overseeing day-to-day operations across all business units. Shell previously served as chief executive officer of NBCUniversal before joining Paramount Skydance. His background includes extensive experience in media operations and content distribution.

Andy Gordon serves as chief operating officer and chief strategy officer. Gordon previously led RedBird Capital Partners’ West Coast operations and brings private equity expertise to operational management. He focuses on corporate strategy, transformation initiatives, and strategic partnerships.

Technology and Finance

Safra Catz represents technology sector expertise as chief executive officer of Oracle Corporation. She has led Oracle since 2014 and provides insights on technology infrastructure and digital transformation strategies. Catz serves as an independent director.

Dennis K. Cinelli joined the board in September 2025 as an independent director. He currently serves as chief financial officer of Scale AI and previously held senior leadership positions at Uber including vice president of global strategic finance. Cinelli brings expertise in high-growth technology companies and artificial intelligence applications.

Media and Entertainment

Sherry Lansing brings decades of entertainment industry experience as former chairman and chief executive officer of Paramount Pictures. She led Paramount during a successful period in the 1990s and early 2000s. Lansing serves as an independent director providing guidance on film production and studio operations.

Barbara Byrne serves as an independent director, having previously worked as vice chairman of Barclays investment bank. She served on the Paramount Global board before the merger and provides continuity in corporate governance. Byrne offers expertise in corporate finance and strategic transactions.

Investment and Capital Partners

Gerry Cardinale founded RedBird Capital Partners and serves on the board representing his firm’s significant investment. RedBird contributed $2 billion to the acquisition and holds 22.5 percent of voting control through National Amusements. Cardinale’s firm has invested across sports, media, and entertainment sectors.

John L. Thornton serves as chairman of RedBird Capital Partners and joins the board alongside Cardinale. He provides strategic counsel on global business operations and international expansion opportunities. Thornton brings experience in investment banking and academic leadership.

Justin G. Hamill represents Silver Lake as managing director and chief legal officer. Silver Lake maintains investment positions in technology and media companies. Hamill serves as an independent director offering legal and regulatory expertise.

Paul Marinelli serves on the board as president of Lawrence Investments LLC. He represents family office investment interests and contributes perspectives on long-term value creation strategies.

Largest Shareholders of BET

Ellison Family Holdings

The Ellison family controls the largest shareholder position in Paramount Skydance, which owns BET. Larry Ellison provided $6 billion in financing for the Skydance-Paramount merger through family investment vehicles. This capital funded the acquisition of National Amusements and the subsequent merger with Paramount Global.

David Ellison manages operational control while maintaining significant voting rights through the family structure. The arrangement grants the Ellison family 77.5 percent of voting control through National Amusements, the holding company that owns Paramount Skydance. Larry Ellison ranks as the fifth-richest person globally according to Forbes, with a net worth exceeding $180 billion as of 2024.

The family’s investment reflects a long-term commitment to building value in the entertainment sector. David Ellison founded Skydance Media in 2010 and built relationships with Paramount through production partnerships. The merger represents the culmination of years of strategic planning and industry relationship development.

RedBird Capital Partners

RedBird Capital Partners holds the second-largest shareholder position with 22.5 percent voting control. Founder Gerry Cardinale led the firm’s $2 billion investment in the Paramount Skydance transaction, representing RedBird’s largest investment to date.

The private equity firm specializes in sports, media, and entertainment investments. RedBird’s portfolio includes ownership stakes in sports franchises, media production companies, and entertainment properties. The firm backed David Ellison’s Skydance Media as early as 2020, leading a $275 million capital raise that year and contributing an additional $400 million in 2022.

Cardinale’s strategy focuses on identifying premium content and intellectual property assets. He views entertainment franchises as long-term value creators similar to real estate. RedBird’s investment philosophy emphasizes operational improvements and strategic partnerships to enhance asset values.

Public Shareholders

Public shareholders own approximately 28.3 percent of Paramount Skydance’s equity through non-voting Class B shares. The company’s stock trades on Nasdaq under the ticker symbol PSKY. Existing Paramount Global shareholders received options during the merger to accept either cash payments or stock in the new entity.

Class A shareholders could elect to receive $23 per share in cash or 1.5333 shares of Class B stock. Class B shareholders received options for $15 per share in cash or one share of Class B stock in the merged company. These provisions enabled shareholders to maintain equity positions while the Ellison-RedBird consortium gained voting control.

Institutional investors hold significant portions of the publicly traded shares. Major asset management firms including Vanguard Group, BlackRock, and State Street typically maintain positions in large media companies through index funds and actively managed portfolios tracking entertainment sector performance. These institutional holdings provide liquidity and support market valuations.

FAQs

Who currently owns BET?

Paramount Skydance Corporation owns BET following the merger completed in August 2025. The Ellison family controls 77.5 percent voting rights through National Amusements, while RedBird Capital Partners holds 22.5 percent.

When did Viacom acquire BET?

Viacom acquired BET in 2001 for approximately $3 billion from founder Robert L. Johnson and Liberty Media. The transaction made Johnson one of the wealthiest African Americans in the United States at that time.

Is BET still Black-owned?

BET is not currently Black-owned. Paramount Skydance Corporation, controlled by the Ellison family and RedBird Capital Partners, owns the network. Multiple Black investors including Tyler Perry and Byron Allen expressed interest in purchasing BET during 2023-2024 discussions.

Who is the CEO of BET?

Scott Mills serves as chief executive officer of BET Media Group. Mills joined BET in 1997 and has held various senior positions throughout his career. He became president in 2018 and added the CEO title in 2021.

What other networks does Paramount Skydance own?

Paramount Skydance owns CBS, MTV, Nickelodeon, Comedy Central, Paramount Network, Showtime, VH1, CMT, and numerous other cable channels. The company also operates streaming services Paramount Plus, Pluto TV, and BET Plus.