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As China cools on Hollywood, the movie business looks closer to home for money

As China cools on Hollywood, the movie business looks closer to home for money

In January, Paramount Pictures looked like it had scored a coup. Bejing-based Huahua Media had agreed to invest $1 billion in the studio’s movies, another sign that China would be Hollywood’s main foreign benefactor for the foreseeable future.

Not any more. After months of speculation, Paramount last week said the co-financing arrangement, which would’ve covered 25% of its film slate, had been scrapped because of the Chinese government’s clampdown on foreign investment in entertainment and other industries.

The action was not only a blow to Paramount, but also emblematic of a broader pullback of foreign money from Hollywood — by China in particular. The...

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