China's Alibaba becomes major sponsor of Olympics

Chinese e-commerce company Alibaba has become a major sponsor of the Olympics after signing a deal with the International Olympic Committee (IOC) that runs until 2028, the two parties said on Thursday.

Alibaba, which becomes the official e-commerce and cloud services partner, joins a dozen other companies - including Coca-Cola and McDonald's - as top Olympic sponsors.

No financial details were disclosed. IOC sources have previously told Reuters that major sponsors pay about $100 million per four-year cycle, which includes one summer and one winter games.

Alibaba Executive Chairman Jack Ma also expressed his preference for partnerships over acquisitions on Thursday.

"I am not interested in acquisitions. I am more interested in partnerships," Ma said at a news conference on Alibaba's Olympic sponsorship deal, when he asked about his company's plans for the year. "We want to look for partners and empower them to be powerful," he said.