Beijing Pangu Investments, Ltd. and Paramount Pictures resolve the accusation that the studio breached its promise to feature the distinctive Pangu Plaza in the ‘Transformers: Age of Extinction’ film set to premiere Friday, June 27.
Beijing Pangu Investments, Ltd. and Paramount Pictures have resolved the accusation that the studio breached its promise to feature the distinctive Pangu Plaza in the Transformers: Age of Extinction film, according to a report by Variety.
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. 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 and was petitioning regulators to postpone the film’s release on Friday, June 27.
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 reportedly said.
Jiaflix -- the company launched by former MPAA head Sid Ganis, Kenneth Huang and Marc Ganis to facilitate the production and distribution of films in China -- helped broker the deal and, according to a report by Deadline, ended up taking some of the heat from the dispute.
In a press release issued from Beijing, Ganis and his partners excoriate Pangu for essentially creating an international situation to strengthen its financial position while dragging Jiaflix through the mud in the process. “Through a major campaign to the media in China and in the United States, Pangu has falsely stated that an entity called Jiafu China Ltd is a part of or affiliated with Jiaflix Enterprises LLC, the US based company that has participated in the production of the picture since April, 2013. This is completely false…. We do not understand why Pangu, which is presented in an extraordinary manner to the world in Michael Bay’s Transformers 4, would make such inaccurate assertions. Perhaps the answer is found in a court filing yesterday in which Pangu demanded $1.8 million and, if successful, would result in Pangu receiving all of the benefits and placements in the film for free,” the statement says.
Here is the full statement:
BEIJING, CHINA – Pangu Investments Ltd., through a series of false press statements, false filings with a court in China and false statements made to the film authorities of China had been attempting to have the China release of Transformers: Age of Extinction delayed thereby keeping it from the millions of fans in China who desire to see the movie, harming the movie theater chains that were planning on a major China wide release, and keeping the significant China elements in the film from being viewed throughout China.
We delayed responding to these false accusations until today because we did not want to distract from the incredible World Premiere Transformers 4 enjoyed in Hong Kong, its prestigious position as the closing film at the Shanghai International Film Festival and the China Premiere held in Beijing last night.
We are pleased to hear that Paramount and Pangu, in a press conference yesterday, publicly stated they have resolved the differences and that Pangu will cease all activity to delay the release of the film and is now in fact fully supportive of the release of Transformers 4 on its June 27 date.
Through a major campaign to the media in China and in the United States, Pangu has falsely stated that a entity called Jiafu China Ltd is a part of or affiliated with Jiaflix Enterprises, LLC, the US based company that has participated in the production of the picture since April 2013. This is completely false.
Pangu also claimed that Paramount and Jiaflix breached a contract with Pangu. However this is also false and inaccurate. The contract presented by Pangu does not have either Paramount or Jiaflix as a party. Further the purported contract is unsigned, not dated and has many blanks in it.
In fact there was a single contract that has been signed by all the parties, was announced at a press conference last June attended by all the parties and has been fulfilled by the parties. That contract was signed on behalf of Pangu by a person who presented a stamped Power of Attorney to sign on behalf of Pangu, represent Pangu in all matters related to it and included a number of specific material terms that were included in the contract. In fact, a report at the time from the state-run China Daily newspaper identified him as an official representative of Beijing Pangu Investment Co. Additional Pangu representatives also attended this press conference.
We do not understand why Pangu, which is presented in an extraordinary manner to the world in Michael Bay’s Transformers 4, would make such inaccurate assertions. Perhaps the answer is found in a court filing yesterday in which Pangu demanded $1.8 million and, if successful, would result in Pangu receiving all of the benefits and placement in the film for free.
Jiaflix and its partners, China Movie Channel and M1905, have worked in a harmonious, professional and cooperative manner with SARFT, China Film Group and all the relevant governmental authorities. The result is an exceptional movie that presents China extremely well to the world that will be enjoyed by millions of fans throughout China and the world.
Jiaflix has had an extremely intimate and trusting relationship with Paramount Pictures on this film and conducts itself to the highest standards of integrity and professionalism. Jiaflix has exceptional trust among all of its co-founders and is committed to the highest levels of performance and ethics. Our focus is on long-term success for all of the parties we work with and to advance policies that achieve positive goals.
We appreciate this opportunity to set the record straight.