July 14, 2016 Comments Off on Chinese CRE Conglomerate Wanda Pursuing Viacom’s Paramount Views: 352 California News, Los Angeles, West

Chinese CRE Conglomerate Wanda Pursuing Viacom’s Paramount

Viacom Inc. is considering selling a 49% stake in Paramount Pictures to Dalian Wanda Group, China’s largest CRE firm. If a deal can be reached, it would continue expanding Wanda’s reach into the U.S. movie business.

Wanda acquired Legendary Entertainment for $3.5 billion in January, and is the world’s largest cinema chain operator. The company also acquired 9900 Wilshire Blvd. in Beverly Hills in 2014, where it plans to invest $1.2 billion developing a mixed-use project named One Beverly Hills.

Viacom is in the midst of a tense and bitter battle over company control. The fight has pitted CEO Philippe Dauman against Sumner Redstone, the company’s controlling shareholder, who some say at 93 is no longer mentally fit to make decisions about his $40-billion media empire.

One Beverly Hills rendering

One Beverly Hills rendering

Read More at Reuters

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