Viacom in Talks to Sell Majority Stake in China Operations
(Bloomberg) -- Viacom Inc. is in talks to sell a majority stake in some of its China operations, according to a person familiar with the matter.
The New York-based company has had talks about a sale with at least one Chinese entity, the person said. The discussions involved the potential sale of a majority share in Viacom’s channel brands, such as MTV and Nickelodeon, in China.
The move, which was first reported by the Wall Street Journal, comes as the media conglomerate runs into trouble trying to scale its operations in the country after more than two decades of business there.
The arrangement would be similar to the company’s joint venture with India’s Reliance Industries Ltd., the person said. Viacom sold Reliance the majority stake in their venture last year.
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