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China's Alibaba, Spielberg's Amblin announce partnership
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Co-producing movies with other countries could be very costly and complex as there is unimaginable difficulty in communication, especially with far off countries such as America with the huge time zone difference and the needs to translate almost every shape and form of the movie’s material between producers. (Shutterstock/-)
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teven Spielberg's Amblin Partners and Chinese e-commerce and media giant Alibaba have announced a partnership to co-produce films for global audiences.
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.
(Read also: Ecommerce giant Alibaba launches first smart car)
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.
