China's Alibaba buys stake in Spielberg firm
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BEIJING - Chinese internet billionaire Jack Ma has bought a stake in cinema legend Steven Spielberg's company, they said, the latest tie-up between China and Hollywood as they seek to make movies for audiences in the Middle Kingdom and beyond.
Alibaba Pictures, a unit of Ma's sprawling e-commerce conglomerate, has taken a minority shareholding in Spielberg's Amblin Partners, a film creation company that includes DreamWorks studios.
The deal will see the companies co-finance and co-produce movies for Chinese and international audiences, Alibaba said on its corporate website.
It marks "an important milestone" in the Chinese firm's strategy to reach Chinese and global audiences, its chaiman Shao Xiafeng said in a statement.
Alibaba Pictures will also have a seat on the board of Amblin. Financial details of the deal were not disclosed.
- AFP
