Paramount Pictures, the Viacom Corp.-owned studio that has struggled at the box office, is getting a financial boost from two Chinese media companies.
Shanghai Film Group and Huahua Media have agreed to co-finance the studio’s slate of films over the next three years, the companies said in a statement Thursday. Financial terms were not disclosed but the partnership will be worth as much as $1 billion in financing to the studio, according to a person briefed on the pact.
Shanghai Film Group and Huahua Media will open and jointly maintain an office on the Paramount lot in Los Angeles starting later this year.
The deal is the latest Hollywood investment by...