Wanda Cinema Line's subsidiary unit Movie Media Group announced on Wednesday that it will invest in Paramount's Teenage Mutant Ninja Turtles: Out Of The Shadows.

The film, which is set to hit U.S. theatres on June 3, is the Hollywood movie co-produced by Wanda. Describing the initiative a "strategic step," the company said it will continue to invest in Hollywood to "cement Wanda Cinema Line's position as a top player in the global film industry."

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"The team at Movie Media... have showcased their tremendous working abilities..." Rob Moore, Paramount's Vice Chairman, said. "We are very pleased to be again collaborating with them on this next installment of the franchise."

Wanda's Movie Media Group/CMM Films has also teamed up with Paramount in Teenage Mutant Ninja Turtles, Terminator Genisys, and Mission Impossible - Rogue Nation.

Last month, e-commerce giant Alibaba said it will also invest in the movie, which portrays four fictional teenage turtles with names coined after famous Renaissance Italian artists. The Jack Ma-founded firm also revealed that it will support the upcoming Star Trek: Beyond.

China's richest man Wang Jianlin took over Legendary Entertainment for $3.5 billion in January. Wang's AMC Entertainment Holdings also acquired Carmike Cinemas Inc. for $1.1 billion, making him the biggest theatre operator in the United States. 

TagsWanda Cinema Line, Movie Media Group, Ninja Turtles, Paramount, Teenage Mutant Ninja Turtles Out of the Shadows, CMM Films, Legendary Entertainment, Carmike Cinemas