Reportedly Viacom Discussing with Chinese Conglomerate Wanda Group to Sell a Stake in Paramount
At a time when Viacom Inc's management is fighting a long drawn battle with Sumner Redstone, the company's controlling shareholder, who does not want to sell any stake of Paramount; reports surfaced that Viacom Inc is discussing matters to sell 49 percent stake in the Paramount Pictures movie studio to Dalian Wanda Group of China.
Reports citing people who have knowledge of the matter says, Viacom had now chosen to discuss matters with two companies in this respect but of late Philippe Dauman, Viacom CEO has started negotiating only with Wanda.
Dalian Wanda Group, a Chinese conglomerate is run by Wang Jianlin, a Chinese billionaire. He owns the biggest theater chain in China. In recent times his company has been taking much interest in the U.S. entertainment industry.
Earlier in this year, the Chinese company acquired Legendary Entertainment, a production firm for $3.5 and also with a stake in Paramount, the company's portfolio would surely enrich.
Dauman for a while gas shown eagerness in selling a stake in Paramount to increase share price of Viacom, prior to announcing the company's earnings report in August. Although talks are in their advanced stage but it is not clear if the proposed sale will be fruitful.