BEIJING, July 14, 2014 (GLOBE NEWSWIRE) -- Bona Film Group Limited ("Bona") (Nasdaq:BONA) today announced an agreement between an affiliate of 21st Century Fox and Bona's Founder, Chairman and CEO, Mr. Yu Dong, for Mr. Yu to acquire 21st Century Fox's entire 19.3% interest (6,050,067 ordinary shares, equal to 19.9% interest before dilution from ordinary shares issued in respect of options) in Bona for $71.4 million or $11.80 per share ($5.90 per American Depository Share). An affiliate of 21st Century Fox acquired the ownership interest in Bona in May 2012. The sale, which is subject to customary closing conditions, has no effect on the five film co-productions between the 21st Century Fox and Bona, including Bride Wars, which began principal photography in June of this year, or on the robust pipeline.
"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, Chairman and CEO, Twentieth Century Fox Film.
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 twenty-two movie theaters and manages a range of talented and popular Chinese artists.
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CONTACT: In China: Peng Li Bona Film Group Limited Tel: +86-10-5631-0700-398 Email: email@example.com In the U.S.: The Piacente Group, Inc. Investor Relations Don Markley Tel: (212) 481-2050 Email: firstname.lastname@example.org
Source:Bona Film Group Limited