Curtain Falls on Paramount-Huahua $1 Billion Film Tie-Up
Paramount Pictures said it has terminated its $1 billion film-financing deal with Chinese partner Huahua Media, ending half a year of uncertainty after reports first emerged that the tie-up had run into trouble due to a Beijing crackdown on such investment.
Under the original deal announced in January, Huahua and Shanghai Film Group had agreed to provide $1 billion to finance 25% of Paramount’s films in 2017, 2018 and 2019. The deal was the latest in a growing string of similar-sized tie-ups between China and Hollywood, as both sides looked for ways to tap a booming Chinese box office on track to become the world’s largest within the next decade.
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