Draw of China's film market
Source: Agencies |
May 16, 2012, Wednesday
|
Print Edition
Print Edition
NEWS Corp has agreed to buy a stake in Chinese movie distributor Bona Film Group Ltd, becoming the latest US media company to expand into China's booming movie market.
News Corp will buy 19.9 percent of Bona Film from founder and Chief Executive Yu Dong, Bona said in a statement yesterday. It gave no financial details. The Nasdaq-listed company has a market capitalization of about US$392 million.
China, which posted box office revenue of US$2.1 billion last year, agreed in February to open its market to more US movies, adding 14 premium films to the current quota of 20 foreign films a year.
News Corp China Investments Chief Executive Jack Gao was quoted in the Bona statement as saying the company was attractive because it distributes and produces films as well as operates cinemas.
"China's film market is growing at a rapid pace, positioning the country to be the second-largest film market following the United States," Gao was quoted as saying.
Bona Film distributes films through most theaters in China, and owns and operates theaters in several large Chinese cities. It has also expanded into home video products, digital distribution and television.
News Corp will buy 19.9 percent of Bona Film from founder and Chief Executive Yu Dong, Bona said in a statement yesterday. It gave no financial details. The Nasdaq-listed company has a market capitalization of about US$392 million.
China, which posted box office revenue of US$2.1 billion last year, agreed in February to open its market to more US movies, adding 14 premium films to the current quota of 20 foreign films a year.
News Corp China Investments Chief Executive Jack Gao was quoted in the Bona statement as saying the company was attractive because it distributes and produces films as well as operates cinemas.
"China's film market is growing at a rapid pace, positioning the country to be the second-largest film market following the United States," Gao was quoted as saying.
Bona Film distributes films through most theaters in China, and owns and operates theaters in several large Chinese cities. It has also expanded into home video products, digital distribution and television.
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