Alibaba Pictures Acquires Stake in Steven Spielberg’s Company

Chinese internet billionaire Jack Ma has acquired a stake in the company of film legend Steven Spielberg, as part of efforts to expand his empire into film production and distribution for audiences in China and beyond. Alibaba Pictures has taken a minority stake in Spielberg’s Amblin Partners, a film company that includes the DreamWorks studios.

The agreement provides for co-financing and co-production of films for Chinese and international audiences, according to a statement on Alibaba’s website Alibaba. The transaction marks an “important milestone” in the strategy of the Chinese company aimed at attracting audiences in China and worldwide, said Shao Xiafeng, president of Alibaba Pictures, in a statement. Alibaba Pictures will also have a representative on Amblin’s board of directors. Financial details of the agreement were not disclosed.

At a press conference on Sunday in Beijing, Spielberg – who notably filmed “Empire of the Sun” in Shanghai – stated that thanks to this partnership, he would be able to bring “more China to America and more America to China,” according to the statement from Alibaba.

Alibaba’s leader Jack Ma stated that while the U.S. and China may “belong to different cultures,” the partners will focus on human stories and be a bridge between the two countries.

Thanks to the transaction, Spielberg’s company will gain access to Alibaba’s online system, along with film distribution through platforms such as Youku Toudu, similar to YouTube. The connection between the two companies marks the continuation of Chinese capital’s entry into Hollywood, after this year the Chinese company Dalian Wanda Group acquired a controlling stake in the film studio Legendary Entertainment for $3.5 billion.