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The company behind this year's Oscar-winning best picture is now in the spotlight itself as it talks to major media companies about a potential sale or investment.

Anonymous Content, the production and management company behind the last two Academy Award winners for best picture, "Spotlight" and "Birdman," as well as "The Revenant" and the television series "Mr. Robot" and "True Detective," has held talks with several media companies, according to people familiar with the matter. Those potentially interested parties, according to these people, include Viacom Inc., Metro-Goldwyn-Mayer Inc., Vivendi SA and Endemol Shine, a joint venture between 21st Century Fox and Apollo Global Management.

The talks have encompassed the potential sale of all of Anonymous or a minority stake. Working with investment bank Guggenheim Partners, the production company is seeking a valuation of $200 million or more, the knowledgeable people said, a significant multiple of its annual cash flow of around $5 million.

The talks come as the capability to produce high-quality entertainment is increasingly valuable in Hollywood, thanks to a growing number of cable channels and streaming services looking to buy television shows and movies that stand out in a crowded media landscape.

Though Anonymous hasn't produced any blockbuster hits, it has shown an expertise in recent years in making television shows and films that win awards and help networks or studios to garner attention. Comcast Corp.'s USA, for example, has used "Mr. Robot" to help rebrand itself as a home for edgier content that appeals to younger audiences.

Anonymous also manages hundreds of well known actors, writers and filmmakers, including Ryan Gosling, Samuel L. Jackson and Steven Soderbergh.

The talks come amid a growing interest in production companies throughout the entertainment industry. MGM paid $578 million to acquire "Survivor" and "Shark Tank" producer Mark Burnett's company; Canadian company Entertainment One recently paid $133 million for 51% of "Grey's Anatomy" producer Mark Gordon's company; and the investment bank Raine Group last month pumped about $100 million into director Ron Howard and producer Brian Grazer's Imagine Entertainment.

All of the companies looking at Anonymous are seeking to grow or recharge their production businesses, particularly in television. Viacom may have an advantage, as its Paramount Pictures has a television production deal with Anonymous.

Shalini Ramachandran contributed to this article.

Write to Ben Fritz at ben.fritz@wsj.com

(END) Dow Jones Newswires

March 08, 2016 15:35 ET (20:35 GMT)

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