'Transformers: Age of Extinction' Hits $1 Billion Worldwide 

Box Office Milestone: 'Transformers: Age of Extinction' Hits $1 Billion Worldwide

UPDATED: The fourth installment in Paramount\'s franchise is the first film of 2014 to reach that mark, thanks in large part to a massive showing in China.

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has become the second movie in the toy-to-film franchise to hit the $1 billion mark worldwide.

The Paramount tentpole reached the milestone thanks in large part to a massive showing in China, where

is the top-grossing title of all time, with more than $300 million in ticket sales (it's the first film to ever cross $300 million at the Chinese box office).

, the fourth installment in the series, is the first film of 2014 to reach $1 billion in global ticket sales. It's done far more internationally, earning $763.8 million overseas, compared to $241.2 million domestically, a franchise low.

“Time and again, Michael has delivered pictures that audiences around the globe truly love,” said Paramount chairman-CEO Brad Grey in a statement.

“Along with the immensely talented and versatile Mark Wahlberg, the great Steven Spielberg as executive producer, and a superb cast, he created a powerful re-launch of this franchise. This tremendous accomplishment – to be the first film of 2014 to earn over $1 billion at the box office – proves once again that Michael is a world-class filmmaker at the top of his game," said Grey, whose studio last week extended and expanded its deal with Bay.

, took in $1.12 billion globally in summer 2011. The first

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