Viacom Close to a Deal of Selling a Stake of Paramount

Viacom is about to close a deal of selling 49 percent of Paramount. That could add $10 per share to the stock price of Viacom.

Even though the objective is to make a move by the end of June but CEO, Philippe Dauman told investors at a gathering "is going to slip somewhat." He also added, the plan with "an interesting strategic partner" would provide value for "all [Viacom] shareholders."

Sumner Redstone, the controlling shareholder has made an effort to block the sale of a stake in Paramount.

Dauman acknowledged at the at the Gabelli & Co annual Media & Entertainment Conference that the company has "had a tough year."

National Amusements, controlled by Mr. Redstone owns eighty percent of Viacom shares. In recent times it said, it changed the bylaws of the entertainment company requiring a unanimous vote by directors in case of any total or partial sales deal of any key assets.

It's all part of the ongoing battle between Mr. Redstone, 93, his family and Mr. Dauman over control Viacom in the future. It also includes CBS that is eighty percent owned by, the chain theatre company National Amusements.

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