Alibaba Picks Up Piece of Paramount
Alibaba founder and China's richest man Jack Ma is looking to buy a chunk of Paramount Pictures--and the largest outside investor in parent company Viacom is in full favor of the deal.
The recent news could indicate a case of Chinese investor diversification. Of course, Chinese investors have poured billions of dollars into US real estate, grabbing everything from trophy properties to stable multifamily units.
Gabelli said the partnership with Ma would give Viacom access to capital, but more importantly allow it an inside view of the growing Chinese film market.
Ma agreed to invest in Mission: Impossible—Rogue Nation, in June through Alibaba Pictures, an affiliate of the US-listed group.
This deal involved Alibaba selling tickets and promoting merchandise in China, and is one of many we can expect Paramount to make in the future as the film conglomerate sets its sights on the Chinese market. [Bloomberg]
