After a planned acquisition by Oriental Times Media was held up by regulatory issues, China’s Huahua Media said Monday that the $1 billion deal with Shanghai Film Group to finance Paramount Pictures movie slate is “progressing as planned.”
Last week, TheWrap exclusively reported that Oriental Times’ plan to acquire Huahua for about $158 million was delayed after the China Securities Regulatory Commission decided not to give the deal its blessing.
An individual with knowledge of the deal told TheWrap its postponement or failure could threaten the Paramount slate financing arrangement, announced in February, which would have the two Chinese companies fund 25 percent or more of the studio’s entire slate.