BET cable networks, BET streaming services and VH1 are reportedly no longer for sale.
The announcement became public on Wednesday.
Paramount informed all potential buyers, including Tyler Perry, 50 Cent and Diddy, that the sale had been cancelled.
As previously reported, Perry was in the running.
Perry has already signed a multi-year joint venture between Tyler Perry Studios and the BET+ streaming service, having one of the top shows on the platform.
BET started in the 1980s when Robert L. Johnson launched the brand.
The network has been home to programs such as 106 & Park, Video Soul, Teen Summit, Rap City, The Game, College Hill and The New Edition Story. Prior to halting the sale, Paramount had received bids spanning from approximately $2-3 billion.
