Shaquille O’Neal has recently come forward to discuss his latest business endeavor that fell short. The former NBA champion, along with rapper 50 Cent and filmmaker Tyler Perry, aimed to purchase BET Media Group from Paramount Global. However, their $2 billion offer couldn’t meet Paramount’s $3 billion asking price.
Both O’Neal and 50 Cent expressed their reactions to the outcome on Instagram, with 50 Cent stating that Paramount’s demand wasn’t justified. This bid marked an exciting prospect for O’Neal’s involvement in the ownership of BET.
However, Paramount decided to retain a majority stake in the network, as it aligned better with their strategic goals, despite the proposals received.
Tyler Perry, a significant creative force at BET, also had high hopes for the acquisition, believing it was a fateful opportunity. Unfortunately, the deal did not go through, and Paramount received an alternative offer from comedian-turned-media mogul Byron Allen. Although it was ultimately not pursued.
The disappointment this group of ambitious entrepreneurs faces contrasts with Shaquille O’Neal’s past successes, both on and off the court. Triumphs and setbacks have marked O’Neal‘s journey from NBA legend to accomplished businessman.
O’Neal’s investment in Google showcased his business skills, leading to significant financial gains. However, he candidly admitted that his success led to a period of overconfidence and greed.
Shaquille O’Neal admitted to getting greedy during his early days
During an interview with Grant Cardone, O’Neal recounted his venture into Google, driven by a chance encounter with appreciative fans. This unexpected conversation led to his investment. Which ultimately yielded significant returns nearly two decades later.
He also candidly spoke about how this transitioned to a greedy period, wherein the Lakers star sought shortcuts to get money. In his own words, “So you know then I got really greedy so I started thinking I was an investor, investment master, and I failed”.
O’Neal’s humble beginnings and desire to support his family fueled his pursuit of success. His dedication to providing for his parents motivated him both on the basketball court and in the business world.
Furthermore, his investments span restaurant franchises, 24-hour fitness centers, car washes, and nightclubs in Las Vegas, forming a diverse portfolio. Notably, his investment in Google was just one among several prosperous endeavors.
While the attempted purchase of BET marks a recent business challenge, O’Neal’s resilience remains evident. The NBA legend, a four-time champion, etched his name into basketball history.