WASHINGTON (dpa-AFX) - Viacom Inc. (VIAB, VIA) announced that Paramount Pictures and Huahua Media have mutually agreed to end their slate financing agreement, which otherwise would have financed 25 percent of the Paramount film slate in fiscal 2017, 2018 and 2019, following recent changes to Chinese foreign investment policies. Viacom Inc., the parent company of Paramount Pictures, expects a negative net impact of $59 million in the fourth-quarter in connection with the termination of the Huahua agreement.
Paramount announced it has secured a series of individual agreements with financing partners, including Hasbro Inc., Skydance Media and SEGA, among others, that will provide committed or expected financing for approximately 25 percent of the production costs of the studio's film slate for fiscal 2018 and 2019.
Copyright RTT News/dpa-AFX
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