Paramount gets Chinese investment worth $1b

US movie studio Paramount said Friday it was partnering with two Chinese film-industry companies in a deal that would reportedly see $1 billion in cash injected into the Hollywood giant.

The deal is the latest move into Hollywood by deep-pocketed Chinese enterprises, following forays by China property-to-entertainment conglomerate Wanda and e-commerce leader Alibaba.

Paramount signed a three-year agreement with Shanghai Film Group (SFG) and Beijing-based Huahua Media to co-finance and co-produce all of the US studio's films, Paramount said in a statement on China's twitter-like Weibo platform.