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Report: China's Dalian Wanda in talks to buy Paramount stake

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Report: China's Dalian Wanda in talks to buy Paramount stake

's Dalian Wanda Group Corp. Ltd. has met with representativesregarding a possible minority stake acquisition in Paramount Pictures, Reutersreported July 13, citing two people familiar with the situation.

DalianWanda, which earlier bought California-based Legendary Entertainment, is reportedlyeyeing further expansion of its movie business in the U.S.

However,any deal regarding Paramount will need the approval of Viacom Chairman EmeritusSumner Redstone, following an amendment to the National Amusements Inc.'s bylaws inJune. Under the new rules, unanimous board consent is needed to greenlight anysale.

Otherparties are also in play for the movie studio, with Redstone's daughter andViacom Vice Chairman Shari Redstone approaching Alibaba Group Holding Ltd. founder Jack Ma for apotential deal.

Viacom CEOPhilippe Dauman and director George Abrams are currently in a legal with Sumner Redstone'slawyers regarding their ouster from the Redstone family trust and the NAIboard, among other issues.

Spokespersonsfor Viacom, Sumner Redstone and Shari Redstone all reportedly declined tocomment on the matter, while Dalian Wanda did not immediately respond to arequest for comment.