The Wanda Group, China's biggest property company and the world's largest cinema operator, is reported to be in advanced talks to take control of Viacom's 49% stake in Paramount Pictures.

Viacom is reported to be progressing with talks to offload its stake in the firm - despite opposition for its controlling shareholder Sumner Redstone. The 93 year-old is already embroiled in a boardroom battle over the future of the media conglomerate.

The Wall Street Journal broke the story - citing "people familiar with the discussions" - it reports that another unnamed party is interested in Viacom's share.

The newspaper adds that the deal would value Paramount at between $8bn and $10bn - and that it could be appealing to the entertainment firm as it would give it a powerful ally in Asia.

However, such a deal would need Mr Redstone's support to be sanctioned. In the past he has called the 1994 purchase of the stake in Paramount the high-point of his career.

Wanda has a relationship with Paramount and co-financed Teenage Mutant Ninja Turtles: Out of the Shadows - which disapointed at international box offices.

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Wanda has had a growing interest in 'Western' sport and entertainment properties - it already owns a stake in Spanish football club and Champion's League finalists Atletico Madrid.

Last week, Wang Jianlin owner of the giant property and entertainment group, said that he is in talks with some of Europe’s football authorities and clubs to create a possible new breakaway tournament to rival UEFA’s Champions League.

The Financial Times reported that the Wanda Group’s plans involve the offering of additional places for Europe’s foremost clubs and a steep increase in broadcasting rights revenues.

The report quotes Marco Bogarelli, strategic director of Wanda Sports Holding, who says talks have begun with Spain’s La Liga and Italy’s Serie A with plans to talk to the leagues in Germany, England and France after the final of the Euros on Sunday. Unless they act, he says, the best players will opt to play in Asia.

Wanda is one of FIFA's official sponsors - the international football body is planning a new China Cup. The tournament will take place in January, adding to already crowded fixture schedules.

The group's website claims that it has "brought" this tournament to China.

A statement from Wanda said, "To help rev up the competition, three teams with styles similar to Asian countries and with higher playing levels will be invited to the China Cup in 2017.

"Starting from 2018, the China Cup will invite countries from Europe and the Americas whose teams have the highest skill levels, enabling international football stars to play in front of a vast number of Chinese soccer fans on the stage of the China Cup."

The Wanda group was also reported to be one of the main-suitors of the Ultimate Fighting Championship (UFC) MMA promotion which sold for $4bn on Monday.