BREAKING NEWS: BET Interactive announces cash buyout of BET.com
Washington, DC -- (BlackPressMagazine.com) August 25, 2006 -- BET Networks, a unit of Viacom Inc. (NYSE: VIA, VIA.B), announced today that BET Interactive, its Internet operating unit, is taking one of its most strategic steps in its six-year history with the cash buyout of its original investment group consisting of Microsoft, News Corporation, Liberty Media and IAC/InterActive Corp and the former investors from 360HipHop.com, led by hip-hop mogul Russell Simmons.
After struggling for years to find its way with as many as five redesigns, but has recently received praise from industry insiders. The website is in a four-headed battle with BlackPlanet.com, AOL BlackVoices and Vibe.com to win the top spot with Black web surfers. The site did not earn a nomination for the upcoming 2nd Annual Black Press All Star Awards, which takes place on Sept. 15-17, 2006 at the Baltimore Marriott Inner Harbor at Camden Yards in Baltimore, MD.
"It was a rough start for BET.com, but lately they have gotten a lot right. There have been great improvements in their website since it started years ago," said DC Livers, managing editor. "Unfortunately, BET.com did not win enough votes to be included in our list of nominees. Today's news could earn the portal a nomination next year." The award ceremony will take place in Baltimore, MD on Sept. 15-17, 2006 and will honor outstanding Black journalists, publishers and media outlets. Nominees for the "Best Black Designed Publication Web Site" include the Websites for Black Beat Magazine, Sister 2 Sister Magazine, Smooth Magazine and the Washington Informer Newspaper.
A new day for BET Interactive
BET.com is a bright spot for the often embattled company, which recently faced deep opposition for its pornographic show, BET Uncut. Although the show was cancelled this year, fans are lobbying for its return and critics are up in arms about a web version of the show. A website called BETUncut.net airs the network's videos without a disclaimer preventing children from gaining access to the site.
Black Press Magazine contacted BET's Michael Lewellen, senior vice president of corporate communications about the site last week. Since that time, a new disclaimer has appeared on the site which reads, "Black Entertainment Television" does not sponsor or endorse "BETuncut.net"!!!!! BET Uncut is not affiliated, connected, or associated with Black Entertainment Television, Viacom, or any Viacom network affiliate. AGE DISCLOSURE: This site is entended (sic) for mautre (sic) audinces (sic) only. By entering this site you are affirming that you are above the age of 18."
Many have criticized BET.com for loosely covering issues that the network creates including the recent cancellation of the BET Uncut show. A special segment at the Hip Hop Journalism Summit entitled, “Girl Power Uncut: Empowering Women through Hip Hop,” has been scheduled to address issues facing Black women in the hip hop industry including the recent cancellation of BET Uncut. Panelists include journalists from XXL magazine, Vibe.com, Melvin Jackson, Jr. an actor from HBO's "The Wire," Olivia Fox, a radio host in Tampa, Virgin Records rapper Bossman and others. The special Mixtape Competition takes place on Sept. 16 at FUR Nightclub in Washington, DC and will have celebrity judges including hip hop performers. The event will include podcasts from rap star Rhymefest and will features special CD giveaways as well.
“This is a great day for BET Networks and BET Interactive as we’ve seen our goal of 100 percent controlling interest in our Internet property come true,” said Lee. “The growth and success achieved by BET.com has been nothing short of remarkable in a tumultuous marketplace that saw many interactive ventures fail. We can attribute that success directly to the strategic leadership of Michael Pickrum and his management team.”
According to BET.com internal data, the portal has registered more than 3.6 million users and generates 2.6 million in total monthly unique visitors based on June 2006 comScore data. Financial terms were not disclosed.
At presstime, the network will not participate in the event. Here are just a few of the topics to be discussed at the Hip Hop Journalism Summit:
