BEIJING, July 24, 2013 (GLOBE NEWSWIRE) -- Bona Film Group Limited (Nasdaq:BONA), a leading film distributor and vertically integrated film company in China, today announced that the 19.9% equity stake in the Company originally purchased in May 2012 by News Corporation will now be held by 21 st Century Fox following News Corp.'s separation of its businesses into two independent publicly-traded companies.
Dr. Jack Q. Gao will continue to serve on the Company's Board of Directors as a representative of 21 st Century Fox.
"News Corp. has been a valuable partner for us since they first made a strategic investment in Bona last year, and their insight has contributed immeasurably to the position in which we find ourselves today. I am pleased that we will be able to continue this relationship under the 21 st Century Fox banner," said Bona's Founder, Chairman and CEO, Yu Dong. "As a dedicated media and entertainment company, I believe that the value of working with 21 st Century Fox will be even greater than before and the cooperation between our companies can result in new levels of creative and financial success going forward. We are making progress on our first co-production, Moscow Mission, and are discussing several other potential projects that will effectively leverage our respective strengths. We are excited about these opportunities, grateful for 21 st Century Fox's continued support and look forward to our ongoing collaboration."Dr. Jack Q. Gao added, "Our investment in Bona represents an important financial and strategic asset through which we believe we can maximize the potential of the significant opportunity in the Chinese film market." About Bona Film Group Limited Bona Film Group Limited (Nasdaq:BONA) 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 20 movie theaters and manages a range of talented and popular Chinese artists.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV