HONG KONG -- Paramount Pictures said Friday it has inked a co-financing deal with two Chinese companies for the Hollywood studio's slate of movies over the next three years. Under the terms of the deal, Shanghai Film Group and Huahua Media will also set up an office on Paramount's lot later this year, the studio said in a statement. The Chinese companies will provide roughly $1 billion to finance at least 25 percent of Paramount's films, according to a person familiar with the deal who was not allowed to speak publicly. Shanghai Film Group was an investor in the latter movie. Paramount, whose corporate parent Viacom was embroiled last year in a bitter management battle, has been struggling to produce hits.

Source: The China Post January 20, 2017 20:01 UTC