Paramount Pictures has recently forged a production deal with two major players in the Chinese film industry; the Shanghai Film Group and HuaHua Media. Paramount has agreed to finance up to 25% of films to be produced by the two studios over the next three years. The deal is in the $1 billion range over that three year span. The agreement also contains a fourth year option.
Both Paramount Pictures as well as HuanHuan Media are not strangers. They had previously united to produce such films as; Transformers: Age of Extinction, Star Trek Beyond and Mission: Impossible – Rogue Nation. The agreement with Shanghai Film Group is covering Paramount produced films that have already been released, or are scheduled for release, such as the upcoming XXX: The Return of Xander Cage. The deal will infuse Viacom's Paramount Pictures with some sorely needed cash as Paramount Pictures continues in a rebuilding mode.
Bob Grey, Paramout Pictures CEO said of the deal that, “Shanghai Film Group’s long and successful history as a prolific studio, coupled with Huahua’s strong track record in the Chinese market and its growing reach globally, make this a natural and powerful move for Paramount. We look forward to working with these two highly respected entertainment industry leaders, Chairman Ren and Chairman Wang, and their entire organizations in the years ahead.”
Grey has been forcefully trying to rebuild Paramount Pictures over his short reign of only six months. He is looking to keep the re-building process going and has envisioned producing at least 15-17 films every year as he looks to build Paramount back into a major power. In terms of box office for 2016, Paramount Pictures ranked a dismal sixth in overall revenues. Over the past several years, Paramount's production plummeted to as few as only eight pictures in a year.
Grey said, "You really can't operate a major studio with that. Certainly Paramount would love to produce films (in China) and we think that should be a win for us,"INDUSTRY NEWS2 min read
Paramount And Shanghai Film Group Forge A $1 Billion Production Deal
Broadcast Beat
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Paramount Pictures has recently forged a production deal with two major players in the Chinese film industry; the Shanghai Film Group and HuaHua Media. Paramount has agreed to finance up to 25% of films to be produced by the two studios over the next three years. The deal is in the $1 billion range over that three year span. The agreement also contains a fourth year option.
Both Paramount Pictures as well as HuanHuan Media are not strangers. They had previously united to produce such films as; Transformers: Age of Extinction, Star Trek Beyond and Mission: Impossible – Rogue Nation. The agreement with Shanghai Film Group is covering Paramount produced films that have already been released, or are scheduled for release, such as the upcoming XXX: The Return of Xander Cage. The deal will infuse Viacom's Paramount Pictures with some sorely needed cash as Paramount Pictures continues in a rebuilding mode.
Bob Grey, Paramout Pictures CEO said of the deal that, “Shanghai Film Group’s long and successful history as a prolific studio, coupled with Huahua’s strong track record in the Chinese market and its growing reach globally, make this a natural and powerful move for Paramount. We look forward to working with these two highly respected entertainment industry leaders, Chairman Ren and Chairman Wang, and their entire organizations in the years ahead.”
Grey has been forcefully trying to rebuild Paramount Pictures over his short reign of only six months. He is looking to keep the re-building process going and has envisioned producing at least 15-17 films every year as he looks to build Paramount back into a major power. In terms of box office for 2016, Paramount Pictures ranked a dismal sixth in overall revenues. Over the past several years, Paramount's production plummeted to as few as only eight pictures in a year.
Grey said, "You really can't operate a major studio with that. Certainly Paramount would love to produce films (in China) and we think that should be a win for us,"Found this article useful?