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. A source told Reuters that the companies had been unable to reach an agreement on terms because they were not able to agree on how much money each group should invest.
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.