The second-largest holder of voting shares in Viacom has urged Sumner Redstone’s media group to sell a stake in its Paramount film studio to Jack Ma’s Alibaba to generate new funds and smooth the way for it to produce more films in China.
“If Alibaba is going to be serious about getting into the entertainment industry Viacom should sell Jack Ma a piece of Paramount,” said Mario Gabelli, whose Gamco owns 10 per cent of the voting shares — second only to Mr Redstone’s National Amusements company.
Alibaba Pictures, the Chinese group’s entertainment arm, invested in Paramount’s Mission: Impossible — Rogue Nation this year and was the official partner for the film’s launch in China. Mr Gabelli said Viacom and Alibaba would benefit from a closer relationship. “Jack Ma has a great understanding of the Chinese movie market.”