Viacom-owned production company Paramount Pictures fell short of striking a deal with Shanghai Film Group and Hua Hua Media to receive $1bn in financing for new films, according to unnamed sources cited by the New York Post. The deal, which would have seen the groups invest $300m in Paramount films 2016, could have alleviated the production company's loss of $450m last fiscal year. Paramount is the latest company to be affected by the Chinese government's clampdown on capital outflows, with $75bn of China-originated overseas deals cancelled in this year across all industries, according to figures in the Financial Times.
Viacom-owned production company Paramount Pictures fell short of striking a deal with Shanghai Film Group and Hua Hua Media to receive $1bn in financing for new films, according to unnamed sources cited by the New York Post. The deal, which would have seen the groups invest $300m in Paramount films this year, could have alleviated the production company's loss of $450m last fiscal year. Paramount is the latest company to be affected by the Chinese government's clampdown on capital outflows, with $75bn of China-originated overseas deals cancelled in 2016 across all industries, according to figures in the Financial Times.