Alibaba bought a stake in Steven Spielberg's studio
The Chinese company Alibaba, which owns the popular marketplace, has partnered with Amblin Partners, a studio partly owned by Steven Spielberg. According to The Hollywood Reporter, the signing ceremony, which was attended by the famous director and head of Alibaba Group Jack Ma, was held in Beijing. Under the terms of the contract, Alibaba's cinematography division, Alibaba Pictures, acquired a stake in the Hollywood studio, pledged to finance its projects, as well as contribute to their promotion in the Chinese movie market. Alibaba Pictures will have the opportunity to join Amblin's board of directors. "I do not think that the differences between the West and the East are already very large. Perhaps, only in the fact that the West is better at telling stories," Jack Ma said at the ceremony, stressing that this is what the structures belonging to him intend to learn from new partners. In turn, Steven Spielberg promised "to bring more America to China and more China to America." The first joint project of the partners will be the promotion of the failed movie "The Big and the Kind Giant", which is due out in China in mid-October 2016. Further plans at the time of this writing have not been specified. The Topic of Article: Alibaba bought a stake in Steven Spielberg's studio. |
