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Viacom Said to Abandon Plan to Sell Stake in Paramount Pictures

Viacom Inc. is no longer actively pursuing the sale of a stake in Paramount Pictures, according to people familiar with the matter, after the owners decided the movie studio is one of the company’s key assets.

The New York-based media giant said in February it hired PJT Partners to help with a possible sale of the stake, after being approached by investors who wanted to buy part of Paramount. PJT is no longer doing work on the process, said the people, who asked not to be identified as the matter isn’t public. The deal could still be revived at a later date, they said.