E-commerce giant Alibaba is leading the purchase of a $1.24bn (£882m) stake in fellow Chinese company Wanda’s film unit.
Together with state-backed Cultural Investment Holdings, Alibaba is buying a 12.8% stake in the business.
Wanda Film, which had revenues of ¥13.2bn last year, is just one part of a huge conglomerate, whose core business is in shopping malls.
Wanda is reacting to a government clampdown, in which Beijing has ordered firms to end “irrational” overseas deals and reduce levels of debt.
In January, Wanda’s chairman Wang Jianlin pledged to reduce Wanda’s corporate debt to “absolute safe” levels within two or three years.
Last month Wanda won a $5.4bn investment deal from tech company Tencent.