China's Alibaba, Spielberg's Amblin announce partnership

Markets Associated Press

Steven Spielberg's Amblin Partners and Chinese e-commerce and media giant Alibaba have announced a partnership to co-produce films for global audiences.

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The deal announced Sunday adds to a string of Chinese ventures with Hollywood studios in an effort to capture more of the profits from China's growing media market.

The companies said Alibaba's entertainment unit, Alibaba Pictures, will acquire a minority stake in Amblin Partners. The company combines Spielberg's DreamWorks Studios, Participant Media, Reliance Entertainment and Entertainment One.

Alibaba is China's biggest online commerce company and has expanded into entertainment with its acquisition of the Youku Tudou video service and the launch of Alibaba Pictures, which finances film and television projects.