China's richest man Jack Ma teams up with Steven Spielberg to bring Hollywood to ChinaPHOTOS: GETTY Steven Spielberg and Alibaba chairman Jack Ma. Jack Ma, China's richest man, and Hollywood's highest-grossing director, Steven Spielberg, have struck a deal to work together to produce and finance films for the world's second-largest movie market. Ma's Alibaba Pictures Group Ltd is buying a stake in Spielberg's Amblin Partners, which creates film, television and digital content under the Amblin Entertainment, DreamWorks Pictures and Participant Media brands. Alibaba Pictures began investing in Hollywood films in 2015 with its stake in Mission: Impossible - Rogue Nation. Chinese e-commerce giant Alibaba Group paid about US$800 million for a controlling stake in ChinaVision Media in 2014.

Source: Stuff October 11, 2016 05:36 UTC