News Corp picks up 19.9% stake in China's Bona Film


Louise Duffy ©RapidTVNews | 15-05-2012


News Corporation is to acquire a 19.9% stake in Chinese movie distributor Bona Film Group from the company's founder and chief executive Yu Dong. The transaction is expected to close in the next 15 days and is subject to customary closing conditions.
News Corporation China investments SVP, News Corporation & CEO Jack Gao said: "One of Bona's unique advantages is its vertically-integrated business model, which differentiates the dompany from other film distributors in China,.
"China's film market is growing at a rapid pace, positioning the country to be the second largest film market following the United States, and Bona's market leadership, compelling value proposition and tremendous growth potential make this an attractive opportunity for News Corporation."

Yu added: "We are thrilled to receive this strategic investment from News Corporation. As one of the leading film distributors in China, we are committed to bringing the best quality Chinese films to broad audiences around the world. News Corporation's extensive global reach, investment and distribution will help accelerate our strategy to expand our global footprint.
"We believe now is the time to diversify our ownership structure by introducing select strategic investors. This is an exciting period of growth for China's film industry, and we look forward to exploring the international commercial opportunities for Chinese films with our new partner."