Paramount Pictures could really use a boost at the box office, especially after the rough start this year already.
But at least they will get a boost in their bank account.
Shanghai Film Group Corp. and Huahua Media are infusing $1 billion into Paramount, according to Variety, designed to help the studio continue its more recent practice of finding co-financing for its various films.
China-based Shanghai Film was founded in 2001, and not only produces a number of different Chinese titles, but also owns a number of cinemas in China itself. Its size is second only to China’s Wanda Group, which made some headlines in November after it was revealed to be the $1 billion buyer of Dick Clark Productions.
Huahua, more formally known as Huahua Culture Communication and Investment Co., specializes in film marketing, distribution and production, according to the company’s website.
It also has an existing working relationship with Paramount, co-financing last year’s Star Trek: Beyond and helping the film earn $66 million in China.
Paramount and Huahua also partnered for Transformers: Age of Extinction in 2014, which the trade publication points out made $300 million in China alone.