BET Buys Out Internet Backers

By Staff -- Multichannel News, 8/27/2006 8:00:00 PM

Washington — Washington— BET Interactive, the Internet arm of BET Networks, is buying out its original investors.

The Viacom Inc. unit is paying an undisclosed amount of cash to Microsoft Corp., News Corp., Liberty Media Corp. and IAC/InterActiveCorp, as well as former investors from 360HipHop.com, led by hip-hop mogul Russell Simmons.

"We have great plans for BET.com and are thrilled to bring this leading media site completely under our roof,’’ said Viacom CEO Tom Freston.

Roughly 2.6 million Web users visit BET.com each month, the company said.

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