Viacom Inc. (VIAB)’s Paramount Pictures reached an agreement with a Chinese investment company that had threatened to delay the June 27 release of its film “Transformers: Age of Extinction” in the most-populous nation.
Paramount and Beijing Pangu Investment Co. resolved the issues that led to a misunderstanding, Rob Moore, vice chairman at the Los Angeles-based studio, said at a press conference in Beijing yesterday, without providing details.
“Working with Pangu was fantastic and I want to put all this misunderstanding aside,” Michael Bay, director of the fourth movie in the “Transformers” series, said at the briefing.
Beijing Pangu, owner of Pangu Plaza, last week accused Paramount of failing to live up to a sponsorship accord and asked China’s film regulator to delay or block the movie, which is scheduled for worldwide release this week. The film, which features Mark Wahlberg, is predicted to rank among the biggest-grossing of the year with U.S. ticket revenue projected at $265 million by BoxOffice.com.
“We’ve moved on,” said Norman Sung, general manager of Pangu Hotel. “We are looking forward to Transformers 4 becoming a big hit in the China market.”
Viacom is controlled by billionaire Sumner Redstone.
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