Viacom is forging ahead with a plan to sell a stake in Paramount Pictures, Chief Executive Officer Philippe Dauman said, even though representatives of controlling shareholder Sumner Redstone say the nonagenarian billionaire opposes a deal.

More than 40 participants have been involved in discussions on the movie-studio stake, and Viacom is having detailed talks with a limited number of potential investors, Dauman said at the Gabelli & Co.’s Movie & Entertainment Conference.

“Naturally, recent events have slowed down the process,” Dauman said. “Our original target of the end of June is going to slip. We are going to continue to explore the potential for unlocking value with select partners with strategic value.”

Dauman and Viacom director George Abrams sued last month after Redstone removed them from a trust that controls his $40 billion media empire, which includes Viacom and CBS Corp. Lawyers for the men, who are seeking to be reinstated, urged a judge to hold a quick trial over their claims that the 93-year-old Redstone was mentally impaired when he made the decision to oust them and is being manipulated by his daughter Shari.

Redstone has filed his own lawsuit in Los Angeles seeking court approval of his decision to fire Dauman and Abrams. Earlier this week, Redstone’s lawyer told a judge in Massachusetts that the media mogul isn’t mentally impaired, just old — arguing against a request by Dauman to have the billionaire medically evaluated.

Dauman called Redstone “my great friend” in his remarks Thursday.

The legal battle over Redstone’s mental capacity come as the billionaire takes steps to reassert control over Viacom, the owner of MTV and Paramount Pictures. The billionaire said June 3 that he had the backing of four out of seven trustees, which means Dauman and Abrams will be out of the trust even if they win their case.

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