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Paramount still has not received payment from Chinese studio - studio CEO

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Paramount still has not received payment from Chinese studio - studio CEO

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(Reuters) – Viacom Inc’s <VIAB.O> Paramount Pictures movie studio still has not received payments from at least one of the Chinese studios it entered into a financing deal with in January, Paramount Chief Executive Jim Gianopulos told investors on Friday. In January, Paramount announced a deal under which two Chinese film companies, Shanghai Film Group and Huahua Media, would invest $1 billion (757.46 million pounds) in Paramount, giving the studio much needed cash and support as it attempts to grow.. However, Viacom executives disclosed in the company’s third-quarter earnings call in August that a payment from Huahua had been delayed, causing concern among investors. Paramount has been given “continued assurances” that the payments are being processed but is prepared to replace the funding in a timely manner if the situation is not resolved soon, Gianopulos told attendees of the Merrill Lynch Media, Communications & Entertainment Conference.

(Reporting By Jessica Toonkel)
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