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Paramount Pictures Receives $1bn from Chinese Investors

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Chinese firms Shanghai Film Group and Huahua Media are to provide $1 billion in funding for Paramount Pictures.

The cash will finance around a quarter of Paramount’s films over the next three years.

Shanghai Film Group was an investor in Paramount’s Jack Reacher: Never Go Back.

The agreement provides Paramount with access to the Chinese box office – the second biggest in the world.

The news marks the latest in a series of Chinese investments in the US film industry.

In an interview last week with Reuters, Wang Jianlin, founder and chairman of Dalian Wanda Group, said that he is still looking to buy just one more US movie studio.

Wanda agreed a $1 billion takeover of Dick Clark Productions in 2016, and already owns Legendary Entertainment and US cinema chain AMC Entertainment Holdings.

http://www.bbc.co.uk/news/business-38686569

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Rachel Reed

Rachel Read

Rachel is Finance Director. She has a degree in engineering from Cambridge University and qualified as a Chartered Accountant at Deloittes in London. She worked in finance in industry for twenty years. She oversees our news and also manages our events.

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