Mission possible for Alibaba Pictures
Print Edition
THE film arm of Alibaba Group yesterday said it will invest in the next “Mission: Impossible” movie in its first Hollywood venture, adding to a flood of Chinese money into the global film business.
Alibaba Pictures Group Ltd announced the agreement with Paramount Pictures Corp. They gave no details of how much Alibaba would invest in “Mission: Impossible — Rogue Nation” but said they will collaborate in online ticketing, promotion in China and merchandising.
“Mission: Impossible — Rogue Nation is our first step toward internationalization and Alibaba Pictures looks forward to collaborating with more international movie studios,” Zhang Qiang, CEO of Alibaba Pictures, said in a statement.
The film, starring Tom Cruise, premieres on July 31 in the United States.
Chinese companies have sealed a series of deals with Hollywood and other foreign production partners in an effort to capture more of the profits from China’s fast-growing market.
Alibaba Pictures said it has established a presence in Los Angeles to pursue other possible investments and collaboration. Until now, the company has focused on film and TV production and distribution on China’s mainland.
Alibaba started in e-commerce by launching one of China’s first websites in 1999 and has grown into entertainment, online finance and other areas.
In June last year, Chinese conglomerate Fosun International Ltd said it would invest in Studio 8, a Hollywood production company. In the same month, Relativity Media and Jiangsu Broadcasting Corp agreed to produce film and television content for Chinese and foreign markets.
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