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Paramount getting $1B in financing from Chinese film companies

Viacom Inc.'s Paramount Pictures Corp. struck a three-year deal worth around $1 billion with China's Shanghai Film Group and Huahua Media, Deadline reported Jan. 19.

Under the deal, Shanghai Film Group and Huahua Media will co-finance 25% or more of Paramount's film slate for the next three years, with an option for a fourth year.

In addition, the Chinese companies will help Paramount release and market its films in China. Co-productions of Chinese films are also being considered.

The agreement will cover upcoming Paramount titles including "XXX: Return of Xander Cage," "Amusement Park" and "Ghost in the Shell." It also includes the studio's franchises such as "Mission: Impossible" and "Transformers."

Paramount previously partnered with the two companies on "Jack Reacher: Never Go Back," "Star Trek Beyond" and "Transformers: Age of Extinction."