Paramount drops $450 million movie financing deal
By Behind The Scenes TV on Jul 17, 2008 in Film Business, News
A tight credit market prompted Viacom Inc.’s movie-making subsidiary, Paramount Pictures, to drop a deal for $450 million in financing from Deutsche Bank, the companies said Tuesday.
The studio had been seeking the financing to contribute to a three-year, 30-movie slate, including sequels to “Transformers” and “Star Trek,” but decided not to proceed several weeks ago.
“The deal terms had evolved to a point where they were unattractive when compared to alternative sources of financing available to Paramount,” said spokeswoman Patricia Rockenwagner.
The studio said the decision will not affect its moviemaking plans because projects in the pipeline, including “Transformers,” “Star Trek” and “G.I. Joe,” already have co-financing deals in place.
(Reuters)
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