Paramount Pictures stake to be sold by Viacom

Paramount Pictures stake to be sold by Viacom

Viacom is planning to sell a "significant" minority stake in its film and television studio Paramount Pictures, BBC reports.

 

The company had been approached by several investors, said chief executive Philippe Dauman, and would be holding talks with some investors.

 

Viacom is under pressure to revive its fortunes after a run of poor results.

 

Earlier this month it posted a 6% year-on-year fall in quarterly revenues to $3.2bn (£2.2bn).

 

Paramount Pictures has also struggled, with revenue falling 15% and an operating loss of $146m.

 

The studio, which Viacom says is rebuilding after some high-profile failures, is worth $4bn, Sanford Bernstein analyst Todd Juenger estimated this week.

 

The company did not say what percentage of Paramount it might sell.

 

China's Alibaba and Amazon have been suggested as potential partner by Viacom shareholders.

 

Photo: BBC