Baidu Considered Bid For Paramount Studio Stake: Bloomberg

(RTTNews) - Baidu Inc.(BIDU) considered participating in a bid for a stake in Viacom Inc.'s (VIAB, VIA) Paramount Pictures, though it's not currently in talks, the Bloomberg reported, citing people familiar with the matter.

The Wall Street Journal reported this week that Dalian Wanda Group Co. is in talks to buy 49 percent of Paramount, citing unnamed sources, though on Friday Sumner Redstone and his family reiterated their opposition to such a deal. A Wanda transaction would value Paramount at $8 billion to $10 billion, the Journal said.

Chinese language Internet search provider had contemplated working with DMG Entertainment & Media Co., that has co-produced films such as "Iron Man 3" and is seeking a larger role in Hollywood, the report stated.

The effort ended in late May when it became clear that Viacom's controlling shareholders, the Redstone family, opposed the sale, the people said.

Representatives for Baidu, Wanda and Viacom declined to comment. A DMG spokesman wasn't reachable outside normal business hours.