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The company would be interested in exploring a deal that would create synergies for Paramount but not in being a pure financial investor, according to the source.
The New York Post first reported on Wednesday that Twenty-First Century was interested in buying a stake in Viacom's Paramount Pictures.
Viacom has so far given Fox the cold shoulder, the newspaper said. (nyp.st/22ZZstu)
Viacom Chief Executive Philippe Dauman said in February the company was considering selling a "significant" minority stake in its Paramount Pictures movie studio.
Earlier this month Dauman said that Viacom had received interest from three dozen companies for the stake.
Hollywood studio DreamWorks Animation SKG Inc DWA.O also said this month it would be interested in a merger with Paramount Pictures.
Reporting by Kshitiz Goliya in Bengaluru; Editing by Anupama Dwivedi