BET Holdings Inc. founder Robert Johnson and Liberty Media Corp. agreed Monday to pay $378 million, or $63 a share, for the part of the cable-television company they don’t already own, raising an initial bid by almost a third.
The parent of Black Entertainment Television will become a privately held company controlled by Johnson and Liberty, who already had more than 90 percent voting control. Johnson also is BET’s chairman and chief executive.
Black Entertainment Television is the largest remaining independent cable channel, reaching 50 million viewers. An initial offer in September of $288 million, or $48 a share, prompted lawsuits from holders who claimed Johnson was trying to get control of the company too cheaply. The new offer is 31 percent higher than the original bid.
BET shares surged $6.06, or 11 percent, to $60.52. The $63 offer was 16 percent higher than Friday’s close of $54.50.
