Paramount smooths dispute with Chinese company over 'Transformer' sponsorship deal

A Beijing property developer says it has resolved a dispute with Paramount Pictures over the new "Transformer" movie, just days after it demanded edits to remove any reference to the property.

The Beijing Pangu Investment Co. Ltd. said in a statement Monday that the two sides "have gained mutual trust and reached understanding" after friendly negotiations, although it did not provide details.

The official Xinhua News Agency says a Paramount official has announced the film will be released for mainland China on Friday, as scheduled.

The Beijing company, which owns the commercial complex Pangu Plaza, announced last week that it had filed a lawsuit with allegations that Paramount and two of its Chinese associates failed to fulfill their obligations in a sponsorship deal.