Paramount in $1 Billion Deal with China’s Shanghai Film, Huahua Media

Shi Rui and Yang Ge

(Beijing) – Hollywood giant Paramount Pictures has signed a $1 billion film co-production agreement with two Chinese movie companies, marking the latest cross-border tie-up aimed at tapping China’s booming box office.

Money from the Chinese pair, Shanghai Film Group and Huahua Media, will be used to finance all of Paramount’s films over the next three years, industry insiders told Caixin on Friday. As part of the arrangement, Shanghai Film Group and Huahua will set up offices on Paramount’s Hollywood studio lot later this year, the sources said.

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