Viacom Paramount Split

© AP Photo/Nick Ut, File

Viacom says it's seeking a minority investor in Paramount - Embattled media company Viacom says it's searching for a minority investor for Paramount Pictures, heeding calls from investors frustrated at the sagging performance of its movie studio.

Shares immediately rose about 3 percent Tuesday.

CEO Philippe Dauman says he'll pursue discussions with a select group of potential investors.

There has been speculation about interest from Chinese firms, including e-commerce giant Alibaba. Last month, Legendary Entertainment, the U.S. studio behind hit films such as "Batman" and "Inception," was acquired for $3.5 billion by the Chinese theater chain owner Dalian Wanda.

Paramount, the Hollywood studio behind franchises like the rebooted "Star Trek" series, has had a rough slog lately. In the most recent quarter, its losses more than doubled to $146 million while revenue sank 15 percent.