Alibaba is on its way to becoming a global powerhouse with interests in fields as diverse as e-commerce to entertainment.

The company said that it will invest in two movies by Paramount Pictures, a major Hollywood studio. The investments have been made through Alibaba Pictures, a subsidiary of Alibaba. The company did not provide financial details of the deal.

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This is Alibaba's second collaboration with the studio. Their earlier collaboration included investment in Mission Impossible: Rogue Nation. Following the success of their previous venture, the company is now investing in Teenage Mutant Ninja Turtles: Out of the Shadows and Star Trek Beyond.

Alibaba Pictures President Zhang Wei stated that both the pictures "have terrific fan bases in China that we hope to cooperate with Paramount to grow even larger."

The films will be distributed by HuaXia Film and China Film in the second half of 2016. Alibaba will also use its various platforms, including Yulebao, its entertainment crowdsourcing site, and Taobao Movies for online ticketing.

Alibaba incorporated Alibaba Pictures in August 2014. The subsidiary has invested in several TV shows and movies.

Hollywood is not the only destination for Alibaba Pictures. During the Beijing International Film Festival, the company announced its collaboration with Italian director Giuseppe Tornatore. It also invested in Korean action drama Real. 

TagsAlibaba, Paramount pictures, Teenage Mutant Ninja Turtles, Star Trek Beyond