East-y money for Paramount

Viacom’s Paramount Pictures has reached a deal for a $1 billion cash infusion from China-based Shanghai Film Group and Huahua Media, the companies said Thursday.

The two Chinese firms will finance a combined 25 percent of all Paramount’s films for the next three years, with the option to extend it, according to an informed source.

The deal will give Paramount, which has been struggling to turn itself around, stability and resources without giving up control of the studio. It also marks the first major move by Paramount head Brad Grey since Viacom’s former chief executive, Philippe Dauman, tried to sell a stake in the movie studio to Chinese real estate conglomerate Dalian Wanda.

Dauman left Viacom in August after losing a battle for the company to controlling shareholders Shari and Sumner Redstone. He has been replaced by Bob Bakish, who previously ran Viacom’s international business.

Grey reportedly went to China in November to meet with Shanghai Film Group and Huahua Media.

The deal was signed on Dec. 31, said the source, who wished to remain anonymous.

Viacom shares closed up slightly to $39.80.