Alibaba Pictures Group Ltd. agreed to invest in two Paramount Pictures movies as the Chinese company extends its foray into Hollywood.
The unit of e-commerce giant Alibaba Group Holding Ltd. will invest in "Teenage Mutant Ninja Turtles: Out of the Shadows" and "Star Trek Beyond," which will be released in North America this summer, according to a statement on Monday. Financial terms weren’t disclosed.
The deal is the latest example of Chinese funds flowing into Hollywood and builds on Alibaba’s relationship with the studio -- the Chinese company invested in last year’s "Mission: Impossible – Rogue Nation." The agreement also comes at a time that Paramount’s parent, Viacom Inc., is looking to sell a stake in the studio.
China Film Group Corp. and Huaxia Film Distribution Co. will likely distribute the movies in China, where they will probably be released in the country in the second half of the year, according to the statement.