Alibaba takes the road that leads to Hollywood. As reported by the Wall Street Journal, the Chinese e-commerce giant has partnered with Steven Spielberg's Amblin Partners to produce, finance and distribute films.
The agreement provides that the American group will distribute films in China, while Alibaba will rely on the US partner to play a more important role in Hollywood.
As part of the deal, the financial terms of which were not disclosed, Alibaba Pictures will buy a minority stake in Amblin and obtain a seat on the American film company's board of directors.
For Steven Spielberg's group, which was previously called DreamWorks Studios, this is the first partnership in China and the goal is to have greater access to the Asian market.
"I see no difference in terms of human value between the West and the East, the only difference is that the West knows how to tell history better than the Chinese," said Jack Ma, number one at Alibaba.
“We can do co-productions and we can bring more China to America and, conversely, more America to China,” Spielberg added.
