By Sue Zeidler LOS ANGELES, July 15 (Reuters) - Paramount Pictures said on Tuesday it had abandoned efforts to secure about $400 million in film financing through Deutsche Bank (DBKGn.DE: Quote, Profile, Research). "As a result of the current credit market conditions, Paramount decided a few weeks ago not to proceed with the film slate financing transaction with Deutsche Bank," spokeswoman Patricia Rockenwagner said, noting the move would not affect Paramount's current project plans. She added that deal terms "had evolved to a point where they were unattractive when compared to alternative sources of financing available to Paramount," Rockenwagner said. Reuters reported in April, citing banking sources familiar with the efforts, that the movie studio owned by Viacom Inc (VIAb.N: Quote, Profile, Research) had been struggling to secure about $400 million in film financing and had approached various banks. The studio also faces the potential exit of renowned director Steven Spielberg, who is said to be close to his own deal to obtain up to $600 million in financing from Reliance ADA, a huge Indian conglomerate, to set up his own studio. Many film companies have been looking overseas for financing as hedge funds have pulled back from the movie industry in the past year. After pouring about $15 billion into film deals starting around 2004, many U.S. investors, drawn to Hollywood expecting double-digit investment returns, have taken losses and are now demanding that studios change how they structure the projects. Hedge funds, partnered with big investment banks, often backed studios in transactions known as movie slate financing in which their money funded not just one movie, but a group of films. The deals were seen as lessening the risk of one big box office bomb because the money was spread across several films.
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