- Title: Alibaba Pictures, Amblin to co-produce films for global, Chinese audiences
- Date: 9th October 2016
- Summary: AUDIENCE SEATED
- Embargoed: 23rd October 2016 13:32
- Keywords: Amblin Jack Ma Alibaba Steven Spielberg film China
- Location: BEIJING, CHINA
- City: BEIJING, CHINA
- Country: China
- Topics: Arts / Culture / Entertainment,Film
- Reuters ID: LVA00553A8J2L
- Aspect Ratio: 16:9
- Story Text: QUALITY AS INCOMING
Steven Spielberg's Amblin Partners and Alibaba Pictures Group Ltd, the film studio unit of Chinese e-commerce giant Alibaba Group Holding Ltd, said on Sunday (October 10) they will co-produce and finance films for global and Chinese audiences.
They will also collaborate on the marketing, distribution and merchandising of Amblin Partner films in China, the companies said in a joint statement.
"For Alibaba Pictures, today is a pretty meaningful day. We have achieved all-around strategic cooperation for the first time with a company like Amblin Partners in our globalisation process," Alibaba Pictures President Zhang Wei said.
Under the terms of their partnership, Alibaba Pictures will also acquire a minority stake in Amblin Partners, which is chaired by Spielberg, the award-winning U.S. movie director and producer.
Spielberg said he hoped the partnership could help to exchange stories between China and the United States.
"Some of the stories I'm hoping Jack and I can tell in this new partnership between Amblin Partners and Alibaba Pictures will be able to bring Chinese-themed stories to American audience and we can do co-productions between our company and your company. And we can bring more of China to America, and bring some more of America to China," he said.
Amblin Partners creates film, television and digital content under the Amblin Entertainment, DreamWorks Pictures and Participant Media brands.
Hong Kong-listed Alibaba Pictures has yet to release any films, although the company formerly known as ChinaVision Media Group Ltd has several projects in production.
Alibaba Pictures began investing in Hollywood films in 2015 with its stake in 'Mission: Impossible - Rogue Nation'. It was an investor in this year's blockbusters 'Star Trek Beyond' and 'Teenage Mutant Ninja Turtles: Out of the Shadows'.
Billionaire Jack Ma's Alibaba Group paid about $800 million for a controlling stake in ChinaVision Media in 2014. The company later became known as Alibaba Pictures.
The investment was part of a wave of acquisitions by big Chinese companies looking to expand their Hollywood footprint while bringing more Western films to China, set to soon surpass the United States as the world's biggest movie market. - Copyright Holder: REUTERS
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