Alibaba film unit ties up with Paramount

 Alibaba Pictures Group Ltd is making its first Hollywood movie investment and partnering with Paramount Pictures to promote the studio's latest "Mission: Impossible" installment in China.

The film unit of Alibaba Group Holding Ltd will collaborate with Viacom Inc subsidiary Paramount in online ticketing, promotion and merchandising for "Mission: Impossible - Rogue Nation" in China, it said in a statement on Wednesday. It did not say how much the tie-up would cost.

The movie, starring Tom Cruise, is due in theaters on July 31, according to Paramount's website.

Alibaba Pictures, previously known as ChinaVision Media Group, raised nearly 5 billion yuan ($805.5 million) in 2014 from a share offer that put Alibaba in control of the company. Earlier this month, it agreed to sell 4.20 billion new shares at HK$2.9 each to independent investors to boost its share capital.

In January, Alibaba Pictures unveiled its first movie project under its new ownership, a romance to be produced by acclaimed Hong Kong director Wong Kar-wai.

($1 = 6.2072 yuan)