Magazine article Screen International

Bona Completes Privatisation with Alibaba Investment

Magazine article Screen International

Bona Completes Privatisation with Alibaba Investment

Article excerpt

Alibaba said in a statement that it has invested $86m into Bona and plans to develop a strong working relationship with the studio "on content production and distribution in a bid to enhance each other's edge along the value chain of the entertainment industry".

Alibaba Pictures CEO Zhang Qiang added: "Participation in the privatisation of Bona helps boost the development of the Chinese film and television industry. Sharing the same mission and vision with Bona, Alibaba Pictures wishes to create an ecosystem and platform covering the whole value chain of the film and TV industry."

Bona founder and chairman Yu Dong, along with investors Sequoia Capital and Fosun International, submitted a privatisation offer to delist from the NASDAQ last June, based on an offer price of $13.70 in cash per American depositary share, or $27.40 in cash per ordinary share. …

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