Sept 8 (Reuters) - Viacom Inc’s 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 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