Viacom seeks investment for Paramount


Details

Michelle Clancy

| 29 February 2016




Viacom is on the hunt for outside investment for Paramount Pictures, saying it is open to “significant strategic minority equity investment” in the studio.




"We have received indications of interest from potential partners seeking a strategic investment in Paramount Pictures and I have decided to pursue discussions with a select group of potential investors," said Philippe Dauman, executive chairman, president and CEO, Viacom. "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."

He added that Viacom wants to explore new strategies to capitalise on Paramount's content expertise and global platform.

“Paramount Pictures has been a leading motion picture studio for more than a century and is among a select few that has significant reach and scale, a deep library, a robust pipeline with proven global franchises, and a high potential television production operation," Dauman said. "In addition, the value of motion picture content continues to increase with the explosion of screens and the rapid expansion of the global theatrical market.”

Viacom has extended the Paramount catalogue to a linear pay-TV channel; after success with its global anchor brand in Western Europe and Latin America, it recently announced the launch of the Paramount Channel in Asia.

Viacom has retained PJT Partners as its financial advisor to assist with the process.