Viacom In Talks To Sell Paramount Pictures Stake To China's Dalian Wanda

(RTTNews) - Viacom Inc. (VIAB, VIA) executives are pressing ahead with plans to sell a stake in the Paramount Pictures movie studio despite resistance from controlling shareholder Sumner Redstone, the Wall Street Journal reported.

China's Dalian Wanda Group Co. is in talks with Viacom about buying 49% of the studio, according to people familiar with the discussions. Another, undisclosed, suitor is also on the hunt for Paramount, the report said.

Executives, including Chairman and Chief Executive Philippe Dauman, have advocated selling a piece of Paramount to bring in much-needed cash. A deal with Wanda would give the company a powerful strategic partner in Asia. Viacom is seeking a deal that would value Paramount at between $8 billion and $10 billion, the Journal reported.

The report noted that any agreement would face hurdles.