WSJ: Viacom Moves Forward With Talks to Sell Paramount Pictures Stake to Chinese Company

Media company Viacom is currently looking to sell 49 percent of its Paramount Pictures movie studio, against the wishes of majority owner Sumner Redstone.

According to The Wall Street Journal, Dalian Wanda Group Co. is talking with Viacom officials about the acquisition. The Chinese company is the largest property developer in the world, the biggest movie theater chain operator in the world, and even owns the Ironman triathlon brand.

Sources told the Journal Viacom is trying to put a value of between $8 billion and $10 billion on Paramount Pictures.

There are, however, some hurdles to the sale. For one, Redstone is reportedly against the move. He recently changed the rules within Viacom that would require a unanimous vote in the boardroom to approve any sale.

There has been drama and even infighting within Viacom, which owns, among networks, MTV, Comedy Central, and Nickelodeon. Ratings have been down and Redstone recently removed five board members at Viacom. Redstone owns National Amusements, the parent company of Viacom.

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