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Gabelli Advises Viacom to Sell Part of Paramount

Investor Mario Gabelli, the second-largest shareholder of Viacom Inc. and CBS Corp., is urging Viacom Chairman Sumner Redstone to sell a stake in Paramount Pictures to Chinese e-commerce giant Alibaba Group, the Financial Times reports.

Gabelli argues it would help pave the way for more films to be produced in China. The two companies could both benefit from a closer working relationship, according to Gabelli.

Gabelli earlier this week called on directors of Viacom to be forthright about the health of Redstone, 92, following assertions by Redstone’s former girlfriend that his health and mental state had deteriorated.

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