The E.W. Scripps Co. is evaluating offers for Bounce, its multicast channel for African-American viewers, according to a report from CNBC.
“The number of inbounds and conversations that we have had with interested and qualified potential suitors has picked up significantly over the last year,” Scripps CEO Adam Symson told the business-news network. “The earlier BET process, which was never consummated, may have opened up people’s eyes to the power of Bounce.”
Several groups attempted to buy BET Media from Paramount Global, but the company eventually decided the asset was more valuable as part of its portfolio.
Symson declined to name any of the potential bidders for Bounce. The network could fetch a price in the hundreds of millions, according to CNBC, citing people familiar with the matter.
“We’re proud of the work we've done to grow the Bounce brand and business. We think about the stewardship of a brand like Bounce. It has become an important brand in the Black community, an entertainment outlet that tells the complete story of the Black American experience,“ Symson said. “We want to make sure that Bounce is in a position for that to continue.”
Scripps' national networks division, which includes Bounce, reported lower profits and revenue in the fourth quarter of 2023. The company also took a $266 million non-cash goodwill impairment charge related to the national networks division.
Scripps acquired Bounce, founded in 2011, when it acquired Katz Networks for $302 million in 2017.
