Magazine article Screen International

News Corp Acquires 19.9% Stake in Bona Film Group

Magazine article Screen International

News Corp Acquires 19.9% Stake in Bona Film Group

Article excerpt

News Corporation is acquiring a 19.9% equity stake in Chinese studio Bona Film Group, directly from the studio's founder and chairman Yu Dong.

Yu increased his stake in the company to 42% earlier this year, by buying shares from long-term venture capital investor Sequoia Funds, following a listing on the Nasdaq in 2010.

He recently restructured his stake by acquiring 1m shares from SIG China Investments, 1m from Matrix Partners China Funds and 1.5m from Sequoia Funds, at an average price of $11.40 per share, or $5.70 per American Depositary Share. Following the close of all these transaction, his stake will stand at 27%.

"We are thrilled to receive this strategic investment from News Corporation," said Yu. "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."

He continued: "Since our IPO in 2010, we have developed our business significantly and 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. …

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