Steven Spielberg's Amblin Partners and Chinese e-commerce giant Alibaba Group's media arm have joined forces to produce and finance films for the world’s second-largest movie market.

According to the deal, Alibaba Pictures and Amblin Partners will co-finance and co-produce movies for Chinese and international movie fans. The partnership will give Amblin access to Alibaba's online ecosystem, and films will be distributed via streaming platforms like the group's Youtube-like Youku Toudu. Alibaba Pictures will also acquire a minority stake in Amblin Partners

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As part of the partnership deal, Alibaba Pictures will obtain a minority stake in Amblin Partners. Also, it will name a representative to be part of the board of Amblin Partners, according to Bloomberg. Both companies will work together on the marketing, distribution and merchandising of Amblin Partner films in China. 

“Among Chinese consumers, there is an increasing demand for premium global content. This collaboration can serve as a cultural bridge and have a positive impact on the next generation of Chinese consumers,” Ma said in a statement.

Co-owned by Steven Spielberg's, Amblin Partners is a content creation company formed by DreamWorks Studios, Participant Media, Reliance Entertainment and Entertainment One. Alibaba Pictures started to invest in Hollywood in 2015.

The latest deal is part of a wave of acquisitions by top Chinese companies in Hollywood, CNBC reported.