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Wednesday, Aug 14
Hollywood studios to receive payments after tax row resolved
- State-owned distributor China Film Group has agreed to restart payments owed to U.S. film companies after the two sides resolved a dispute over whether a new value-added tax should be taken out of the studios' share of box-office receipts. The latter had argued that the roughly 2% tax wasn't their responsibility.
- The amount owed could reportedly top $200M. Companies that are or could be affected include Time Warner (TWX), Sony (SNE), Lions Gate (LGF), Fox (FOXA), Viacom (VIA), Comcast (CMCSA), and Dreamworks Animation (DWA).