Alibaba is teaming up with Steven Spielberg

Jack Ma, the internet tycoon, is teaming up with Hollywood director Steven Spielberg in the latest Chinese investment in the US entertainment industry (after a newspaper, ndr.). Alibaba Pictures, a Hong Kong-listed unit of China’s largest ecommerce group, said yesterday that it would take a minority equity stake and board seat in Mr Spielberg’s Amblin Partners, a film production and distribution company… Amblin was established at the end of last year with investments from Anil Ambani’s Reliance Group and Entertainment One, distributor of the British animation series Peppa Pig. Alibaba will co-produce films with Amblin and help distribute them in China… Chinese companies have been making unprecedented inroads into Hollywood as part of a much larger overseas buying spree. Investors from the world’s second-largest economy are on track to top global M&A tables for the first time this year… The Alibaba Group is best known for its Taobao ecommerce site and also owns Youku Tudou — China’s YouTube equivalent.

 

Tom Mitchell

 

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