Chinese billionaire Jack Ma's Alibaba Pictures has inked a deal with Steven Spielberg's film company Amblin as they collaborate for film production and distribution.

Following the deal, the Chinese firm has acquired a minority stake in the company as well as a seat on the board of Amblin. The deal is expected to further fortify China's clout in Hollywood.

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Alibaba will co-produce the films and will also undertake their distribution in China.

In a statement, Ma said that Chinese consumers offer huge demand for premium global content, thus, the collaboration may help in bridging the cultural gap.

Alibaba Pictures has previously invested in several Hollywood productions, including Star Trek, Teenage Mutant Ninja Turtles and Mission Impossible.

It has acquired, too, equity stake in the productions and the right to stream them on various online services owned by Alibaba Group Holdings Ltd.

Amblin Partners is formed by DreamWorks Studios, Reliance Entertainment, Entertainment One and Participant Media. The distribution of its creations is handled by a network which includes the likes of Universal Pictures.

The partnership between Jack Ma and Steven Spielberg will help the latter achieve his goal of bringing more of China to America and vice versa.

It can be noted that China is getting increasingly important for Hollywood as the domestic market is becoming saturated.

Another Chinese billionaire, Wang Jianlin has made strong inroads in Hollywood. His Dalian Wanda Group Co. bought AMC Entertainment and is collaborating with Sony Pictures to co-finance and release movies in China. The company also bought Legendary Entertainment and is said to be pursuing Dick Clark Productions.

The pace of Chinese acquisitions in the United States has attracted the attention of regulators as well. Last week, John Culberson, head of a US Congressional subcommittee overseeing the funding for the Justice department, asked for review of investments made by Jianlin. 

TagsJack Ma, Alibaba, Steven Spielberg, Reliance Entertainment