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 75bn last fiscal year. Paramount is the latest company to be affected by the Chinese government's clampdown on capital outflows, with $$450m of China-originated overseas deals cancelled in 2016 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.