Film company owned by billionaire from China Jack MA and American Director and producer Steven Spielberg, announced the establishment of a strategic partnership.

According to TASS, which is owned by MA, Alibaba Pictures has acquired a minority stake in Spielberg’s Amblin Entertainment. Package size and value of the transaction were not disclosed.

The partners intend to make joint provision and financing films for the global Chinese audience, as well as rental in China and USA tapes created by Spielberg and Alibaba.

“On a human level in the East and the West, we share the same values. We can jointly implement the production projects of our companies and bring more China to America and more America in China,” said Spielberg.

In turn, Jack MA said that the new partnership can be a “cultural bridge” between the two countries.

Media, commenting on the transaction, noted that currently, China is the second largest revenue film market in the world and is poised to soon overtake the United States.

Jack MA and Steven Spielberg have become strategic partners and has started construction of a “cultural bridge” 10.10.2016

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