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Paramount gets $1bn Chinese funding

(UDHAYAM, UNITED STATES) – US film company Paramount Pictures has secured a $1bn (£810m) cash injection from two Chinese firms.

As part of the deal, Shanghai Film Group and Huahua Media will finance about a quarter of all Paramount’s films over the next three years.

The partnership gives Paramount an entry point into China, the world’s second biggest box-office market.

Viacom-owned Paramount said the investment would help fund future projects to help grow the studio.

“Shanghai Film Group’s long and successful history as a prolific studio, coupled with Huahua’s strong track-record in the Chinese market and its growing reach globally, make this a natural and powerful move for Paramount,” said Brad Grey, Paramount Picture’s chief executive.

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