Magazine article Screen International

Fox out, Fosun Up at Bona Film Group

Magazine article Screen International

Fox out, Fosun Up at Bona Film Group

Article excerpt

Chinese conglomerate Fosun Group is acquiring an additional 13.3% stake in Bona Film Group, while 21st Century Fox is divesting its stake in the Beijing-based studio.

Following the transaction with Fosun, the Shanghai-based, Hong Kong-listed investment group will hold a 20.8% stake in Bona Film Group. Fosun is also expected to be a lead investor in Jeff Robinov's new Sony-based venture Studio 8.

Meanwhile, Bona's founder and chairman Yu Dong has reached an agreement with 21st Century Fox to acquire its entire 19.3% interest in Bona Film Group for $71.4m. An affiliate of Fox acquired the ownership interest in Bona in May 2012.

The sale has no effect on the five film co-production pact between Fox and Bona, which is kicking off with a Chinese-language remake of Bride Wars, which started shooting in June.

"We remain committed to our current co-productions with Bona as well as to exploring future collaboration with them and others in the exciting and rapidly growing Chinese film market," said Jim Gianopulos, chairman and CEO, Twentieth Century Fox Film. …

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