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It was announced today that Bona Film Group Limited, a leading film distributor and vertically integrated film company in China, has secured a strategic investment from News Corporation.
Under the investment agreement, News Corporation will acquire a 19.9% equity stake in Bona directly from the Company's Founder, Chairman and CEO, Mr. Dong Yu.
Mr. Yu has entered into separate agreements to acquire 1,000,000 Bona ordinary shares from SIG China Investments One, Ltd., 1,000,000 Bona ordinary shares from Matrix Partners China Funds and 1,500,000 Bona ordinary shares from the Sequoia Funds, at an average price of $11.40 per share, or $5.70 per American Depositary Share.
"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" said Dong Yu, Founder, Chairman and CEO of Bona Film Group Limited.
"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," said Dr. Jack Gao, SVP, News Corporation & CEO, News Corporation China Investments
Following the close of these transactions, Mr. Yu's ownership will be reduced to 8,210,803 ordinary shares, representing approximately 27% of the Company's ordinary shares outstanding. Subject to customary closing condistions, these transactions are expected to close within the next 15 days.
About Bona Film Group Limited
Bona Film Group Limited is a leading film distributor in China, with an integrated business model encompassing film distribution, film production, film exhibition and talent representation. Bona distributes films to Greater China, Korea, Southeast Asia, the United States and Europe, invests and produces movies in a variety of genres, owns and operates 13 movie theatres and manages a range of talented and popular Chinese artists.
For more information on the Chinese Film Industry, see the latest research: China's Film Market
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