China-based film company Bona Film Group (Bona) has received a 19.9 percent strategic minority stake investment from U.S. media conglomerate News Corp.
News Corp acquired the equity stake directly from Bona’s founder, chairman and CEO, Dong Yu.
Bona is a film distributor and vertically integrated film company engaged in film distribution, film production, film exhibition and talent representation in China.
"We are thrilled to receive this strategic investment from News Corporation," said Yu in a statement from his company. "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.”
In separate transactions, Yu acquired one million Bona ordinary shares from SIG China Investments One, one million Bona ordinary shares from Matrix Partners China Funds, and 1.5 million Bona ordinary shares from Sequoia Funds.
Representing News Corp was an O’Melveny & Myers team led by Beijing-based partners Nathan Bush and Larry Sussman, and Menlo Park-based partner Sam Zucker and Century City-based partner Steve Scharf. Bona was advised by a Hong Kong-based Simpson Thacher & Bartlett team led by partner Chris Lin. ALB
Candice Mak is North Asia Editor at ALB. Follow her on Twitter: @ALB_Magazine.
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