US media group Viacom is discussing selling a majority stake in part of its China operations to local partners, as an increasing number of foreign multinationals consider similar moves, the Wall Street Journal reports.
Viacom—the owner of brands including Paramount Pictures, MTV and Nickelodeon—has been in China for more than 20 years, but is finding it difficult to scale up its business. The company is in talks with at least one Chinese company about selling part of its operations in the country, sources told the Journal, though it is not yet certain whether a deal will be confirmed.
Many other large multinationals are also considering cutting their losses on the mainland. McDonald’s and Hewlett-Packard have divested part of their China businesses recently, and investment banks including Morgan Stanley and JPMorgan Chase are receiving more requests to discuss restructuring companies’ China businesses, according to the Journal.