Movie leg­end signs deal with Chi­nese

7 Days in Dubai - - BUSINESS -

Steven Spiel­berg’s Am­blin Part­ners and Chi­nese e-com­merce gi­ant Alibaba Group’s me­dia arm an­nounced a part­ner­ship to co-pro­duce films for global au­di­ences. The deal adds to a multi­bil­lion-dol­lar string of Chi­nese ven­tures with Hol­ly­wood stu­dios to cap­ture more of the prof­its from China’s grow­ing me­dia mar­ket. Alibaba Pic­tures will ac­quire a mi­nor­ity stake in Am­blin Part­ners, the com­pa­nies said. Am­blin, co-owned by Spiel­berg, com­bines DreamWorks Stu­dios, Par­tic­i­pant Me­dia, Re­liance En­ter­tain­ment and En­ter­tain­ment One. No fi­nan­cial de­tails were an­nounced. Alibaba, led by founder Jack Ma, is China’s big­gest on­line com­merce com­pany and has ex­panded into en­ter­tain­ment with its 2014 ac­qui­si­tion of a 60 per cent stake in a Hong Kong com­pany that be­came Alibaba Pic­tures. Alibaba also owns the Youku Tu­dou on­line video ser­vice. The part­ner­ship “marks an im­por­tant mile­stone in our glob­al­iza­tion strat­egy to reach Chi­nese and global au­di­ences alike,” said Alibaba Pic­tures chair­man Shao Xiaofeng in a state­ment. “We will also lever­age Alibaba Group’s ecosys­tem as a chan­nel for Am­blin Part­ners' films to reach hun­dreds of mil­lions of Chi­nese con­sumers."

FILM­MAKER: Steven Spiel­berg

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