Viacom’s (VIAB) outgoing CEO Philippe Dauman delivered materials, instead of presenting, to the board on Wednesday detailing options for a potential sale or a stake in Paramount but a deal any time soon is seen as unlikely, according to the WSJ.
Dauman laid out several scenarios and potential terms from would-be bidders but didn’t actually name any potential suitors, according to the story. Talks had been held with China’s Dalian Wanda Group Co. about taking a 49% stake in the studio. Viacom was seeking a deal that would value Paramount at $8 billion to $10 billion.
Dauman wrapped up his involvement in the possible deal with the delivery of materials to the board. His exit package from Viacom is valued at around $72 million, and in the last two week he sold all of the Viacom class B stock he directly owned. He sold 1.43 million shares for total proceeds of about $59.4 million, according to regulatory filings. He still has some shares in his 401(k), the story said.
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