Viacom still pursuing Paramount Studios stake sale: CEO

Thomson ReutersPhilippe Dauman president and CEO of Viacom speaks at the Reuters Global Media Summit in New York

NEW YORK (Reuters) – Viacom Inc is still looking to sell a minority stake in its Paramount film unit, but objections from controlling shareholder Sumner Redstone have slowed the process, CEO Philippe Dauman told investors on Thursday.

A Paramount deal is expected to unlock $10 or more of value per share of Viacom stock, the executive said.

Redstone’s National Amusements Inc, which holds 80 percent of Viacom voting shares, recently amended the bylaws of Viacom to require unanimous approval from Viacom’s board for any deal related to Paramount Pictures.

(Reporting by Anna Driver and Jessica Toonkel; Editing by Nick Zieminski)

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