China's e-commerce giant Alibaba Holding Group is apparently not interested in acquiring Viacom's Paramount Pictures, and prefers licensing deals instead.
The news broke after Alibaba founder Jack Ma had a meeting with Shari Redstone, vice-chairwoman of Paramount's parent company Viacom Inc. and daughter of Viacom's owner and Chairman Emeritus Summer Redstone.
While Alibaba has confirmed that such a meeting took place, it did not reveal if Ma and Redstone had discussions about a potential buyout, The Street reported. Instead, both parties are said to have focused on the merchandising deal between Alibaba and Paramount Pictures.
Ma is reportedly eager to create films and videos for theaters and digital platforms to boost Alibaba's position in China's online industry.
Alibaba has already acquired licensing rights to some of Paramount's movies before including Tom Cruise's Mission Impossible: Rogue Nation. The company is also set to get the rights for Teenage Mutant Ninja Turtles: Out of the Shadows and Star Trek: Beyond.
Variety reported that the two companies recently struck a deal via Alibaba's subsidiary Yulebao. The agreement permits Alibaba to produce merchandise for a number of Paramount's properties.
