BET Networks, a division of Viacom, has acquired Soul Train from InterMedia Partners and The Yucaipa Companies.
The acquisition includes one of the largest libraries of African American music-oriented content in the world, including over 1,100 television episodes and 40 television specials.
The fee for the buyout has not been disclosed.
BET said the deal ‘represents an investment in an iconic franchise that uniquely lends itself to providing fans with a wide range of experiences across multiple platforms, beyond the television programs that audiences have enjoyed for decades’.
Owning Soul Train’s intellectual property will allow BET to further build on the Soul Train Awards, which BET re-launched in 2009.
“BET Networks is honored to have acquired a brand with such a rich history.”
Richard gay, BET
Beyond television, BET says it will grow the ways in which audiences of all ages are able to interact with the Soul Train brand, ‘creating a host of ancillary revenue opportunities ranging from live events to consumer products’.
“BET Networks is honored to have acquired a brand with such a rich history and unique content that is forever relevant to all segments of our audience,” commented Richard Gay, Executive Vice President, Strategy and Operations at BET Networks.
“With a Broadway play and a concert tour as examples of opportunities in the works, we look forward to finding engaging and smart ways to grow the brand while preserving its heritage and legacy in music, dance and fashion.”
The primary BET channel reaches more than 90 million households and can be seen in the United States, Canada, the Caribbean, the United Kingdom and sub-Saharan Africa.Music Business Worldwide