US network BET is no longer for sale after parent company Paramount pulled the plug on the bidding process.

The Wall Street Journal reports that Paramount is no longer interested in moving forward with bids because “a sale wouldn’t result in any meaningful deleveraging” of its balance sheet.

According to reports, the company received bids ranging from $2 billion to $3 billion — for the sale of a majority stake in BET Media Group, which includes the BET channel, BET+, VH1, and BET Studios. 

A New York Post report says that Paramount sought to “return the asset to Black ownership” with a “party that could be a good partner and responsible steward of the assets and the mission” through the purchase but fell short.

“We made this decision because the benefits of maintaining a majority stake in BET Media Group creates more value for Paramount than any of the proposals we received,” the report added, noting that the sale wouldn’t “result in any meaningful deleveraging of Paramount’s balance sheet.”

The news comes five months after the company received several high-profile suitors, including noted writer/director Tyler Perry, Media Mogoul Byron Allen, as well as a group reportedly consisting of 50 Cent and Shaquile Oniel. 

Perry, who already owns a minority stake in BET+, was said to be the front-runner following a reported $2 billion submission for the majority ownership.

Paramount, however, agitated for Perry to up his offer, but he declined, as per the New York Post.

The withdrawal of the sale would see the conglomerate extend control over the network that was acquired by parent company Viacom in 2001.