×
You will be redirected back to your article in seconds

Paramount Stake Attracts Interest From Three Dozen Companies

LONDON — Three dozen companies have expressed an interest in buying the minority stake in Paramount Pictures that its parent Viacom intends to sell, Viacom chief executive Philippe Dauman said Thursday in an interview with the Wall Street Journal.

Dauman said the intention was to seek a strategic partner for Paramount that could help its international and digital businesses, rather than a purely financial investor, such as a private equity firm.

“It’s not about people coming in with money — we’re not even talking to them,” Dauman said. “The players that emerge will be in one or both of two buckets — international and digital technology.”

Dauman added that the size of the stake would depend on the commercial benefits the relationship would deliver to Paramount and Viacom, but that it would only be minority stake.

The suitors “include some Asian interests,” Dauman said. He restated that the transaction would be completed by the end of June.

Dauman admitted that Paramount was going through a tough time at present. In the present quarter, two pics have flopped — “Zoolander 2” and “Whiskey Tango Foxtrot” — costing the studio about $100 million.

Viacom announced in February that it was looking to sell “a significant strategic minority equity investment” in Paramount. Dauman said at the time: “In this time of change and enormous opportunity in our industry, a partnership will bring significant benefit to Paramount and Viacom, both strategically and financially, provide new opportunities for Paramount’s employees and talent, and enhance long-term value for all Viacom shareholders.”

More Biz

  • Jennifer Lawrence Harvey Weinstein

    Harvey Weinstein Bragged of Sex With Jennifer Lawrence, Lawsuit Claims

    Harvey Weinstein was hit with a lawsuit Friday from an actress who claims he forcibly performed oral sex on her, repeatedly masturbated in front of her, and threatened to harm her career if she objected. According to the suit, Weinstein pushed her to the ground during a meeting in his office in 2013. He then [...]

  • Times Up Hollywood

    Time's Up Entertainment Announces New Industry Mentoring Initiative

    Time’s Up Entertainment, an affiliate of the Time’s Up coalition of women across industries working to improve workplace safety, has announced the “Who’s in the Room” industry mentoring initiative. The program’s goal is to increase the presence of people of color from diverse backgrounds in the entertainment industry’s executive ranks. Funded by a $500,000 grant from [...]

  • Tom Cruise as Ethan Hunt in

    Paramount Inks Deal for Theme Park in South Korea

    Paramount Pictures has announced a deal to install a studio-branded theme park in an entertainment resort being developed in South Korea. The agreement was struck between Paramount and Mohegan Gaming & Entertainment, which owns the Inspire Integrated Entertainment Resort in the South Korean city of Incheon. Mohegan has invested KRW 2.8 trillion ($2.4 billion) in [...]

  • Davan Maharaj Mel Gibson

    L.A. Times Publisher's Lawyer Was Accused of Extorting Mel Gibson

    The attorney who negotiated a $2.5 million exit package for L.A. Times publisher Davan Maharaj was previously accused of using secret recordings to extort actor Mel Gibson. Surreptitious recordings also figure in the Maharaj case. NPR reported on Wednesday that Maharaj taped Tronc chairman Michael Ferro. According to the report, Ferro was heard on the [...]

  • 'Blurred Lines' Suit Ends With $5

    'Blurred Lines' Suit Ends With $5 Million Judgement Against Robin Thicke, Pharrell Williams

    After five years, the legal battle over the copyright of the Robin Thicke’s 2013 hit “Blurred Lines” has ended, with Marvin Gaye’s family being awarded a final judgment of nearly $5 million against the song’s primary writers, Robin Thicke and Pharrell Williams, according to CNN and other reports. The pair were accused of copyright infringement [...]

  • WME Veteran Ari Greenburg Promoted to

    WME Veteran Ari Greenburg Promoted to President of Talent Agency

    WME veteran Ari Greenburg, one of the original Endeavor staffers who helped build the talent agency that became an industry powerhouse, has been promoted to president. Greenburg will oversee all daily operations across WME and its offices in Beverly Hills, New York, Nashville, London and Sydney. The promotion recognizes the role that Greenburg has played [...]

More From Our Brands

Access exclusive content