Beijing Pangu Investment Co., a Chinese sponsor on the upcoming release of “Transformers: Age of Extinction,” has resolved its differences with Paramount Pictures and will continue to be a partner on the production.
The real estate company threatened the Chinese debut of the sequel after it announced last week that it was ending its association with the film and was taking legal action.
A spokesman for Paramount confirmed that a deal had been reached and the company said on its website that its concerns were resolved.
“After friendly consultations, the two sides have achieved mutual trust, and reached an understanding,” Pangu said in a statement.
The company’s flagship Pangu Plaza Hotel, a high-tech real estate development, is featured in the film, but the company said Paramount did not abide by the terms of its promotional agreement. The company was petitioning regulators to postpone the film’s release on Friday, according to a report in Bloomberg.
The most recent “Transformers” film earned more than $160 million in China alone and analysts expect that the latest installment, which features Chinese settings and cast members, could hit north of $200 million in the country.
The partners announced that an accord had been reached in a press conference that boasted members of the real estate company, as well as “Transformers” director Michael Bay. They did not provide any additional details about how their issues were resolved.
“Working with Pangu was fantastic and I want to put all this misunderstanding aside,” Bay reportedly said at the press conference.
