Paramount films to get mainland funding

Viacom Inc's Paramount Pictures reached a co-financing agreement with Shanghai Film Group and Huahua Media that will help the money-losing studio pay for movie production over the next three years.

The deal could be worth as much as $1 billion, according to two people with knowledge of the matter who asked not to be named because the terms are private. Shanghai Film and Huahua Media will co-finance Paramount's full movie slate over the period, the companies said in a statement on Thursday.

They will open and jointly maintain an office on the Paramount lot starting this year, according to a statement.