21st Century Fox Sells Stake in China’s Bona Film Group


BEIJING: Yu Dong, the founder, chairman and CEO of Bona Film Group, has purchased 21st Century Fox's entire 19.3 percent stake in the company for $71.4 million.

The sale is subject to customary closing conditions.

An affiliate of 21st Century Fox acquired the ownership interest in Bona in May 2012. The sale will not effect the five film co-productions currently in the works between 21st Century Fox and Bona.

"We appreciate the support of such a tremendous partner as 21st Century Fox, and for their contribution to the growth and development of Bona Film Group," said Mr. Yu. "I have high confidence in the booming film industry in China, and the strong growth prospects for Bona. We're delighted to have completed this transaction on such positive terms, and look ahead to our future joint efforts, as Bona remains focused on future plans for Hollywood and international expansion. In particular, Bride Wars is the first of our five co-production projects with 21st Century Fox, and we are confident it will be a tremendous success, as it will appeal to the fast growing younger Chinese audience, one of the most important audience groups that we want to capture in today's market."

"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, the chairman and CEO of Twentieth Century Fox Film.