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Ma is to buy a stake in Spielberg's production company Amblin Partners
Deal will make films more accessible to Chinese market through Alibaba's online streaming platforms
Hollywood is eager to make inroads into China, where there is ever-growing demand for US-made films

Published: 11:55 EST, 9 October 2016 | Updated: 12:47 EST, 9 October 2016

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It's an alliance of titans that would make for great movie material.

Steven Spielberg, Hollywood's highest grossing film director, and Jack Ma, China's richest man, are teaming up to bring American cinema to the world's most populous country.

Ma's company, Alibaba, is buying a stake in Amblin Partners, the production studio backed by Spielberg, with the goal of marketing and distributing films internationally and in China, Bloomberg reported.

The deal represents Ma's most ambitious foray to date into the world of film.

Steven Spielberg (left) and Jack Ma (right) attend an event to announce the partnership between Alibaba Pictures Group Limited and Amblin Partners in Beijing on Sunday

The news is considered significant because it is being consummated at a time when Ma's native land, China, is exhibiting an increasingly large appetite for American-made movies.

Ma has only thus far dipped his toes into Hollywood.

His company, Alibaba, has already invested in the latest Mission Impossible sequel.

By virtue of the deal, the film will be streamed across the Internet through the company's online platform.

'Among Chinese consumers, there is an increasing demand for premium global content,' Ma told Bloomberg in an e-mailed statement.

As part of the agreement, Alibaba, the company founded by Ma (left) will name a member to the board of Amblin, of which Spielberg (right) is chairman

'This collaboration can serve as a cultural bridge and have a positive impact on the next generation of Chinese consumers.'

Ma and Spielberg both appeared at a launch event in Beijing to announce their new collaboration.

As part of the agreement, Alibaba will name a member to the board of Amblin, of which Spielberg is chairman.

Amblin is a consortium of media giants that includes DreamWorks Studios, Participant Media, Reliance Group, and Entertainment One.

Spielberg (right) is the highest grossing director in history thanks to blockbuster hits like E.T. The Extra-Terrestrial (left)

Spielberg initiated the re-organization by raising $800million in debt and equity.

'There's a lot in China that's becoming more and more known, through media ... and China's tremendous renaissance,' said Spielberg.

The Oscar-winning director of blockbusters hits like E.T. and Saving Private Ryan said that his goal is to 'bring more of China to America and more of America to China.'

The agreement is indicative of a trend in which American film companies are seeking bigger audiences in China, while Chinese firms are trying to expand their reach globally.

Another Chinese billionaire, Wang Jianlin, made news recently when his company, Wanda Group, bought Legendary Entertainment, the film company behind the hit Jurassic World.

The company also owns AMC Entertainment, which operates the world's largest chain of movie theaters.