Fosun ups stake as Bona Film founder buys out Fox
Fosun International will increase its stake in Bona Film Group as part of an ownership restructuring of the Chinese film studio and distributor, which will also see the exit of 21st Century Fox.
Bona founder Dong Yu has agreed to buy back Fox's entire 19.3% stake for $71.4 million, upping his personal interest in the company to about 32%. An affiliate of Fox acquired the stake in Bona in May 2012.
According to a statement, the change will not affect the five film co-productions currently in the works between Fox and Bona. This includes the Chinese-language remake of "Bride Wars," which began shooting on the mainland last month.
"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 of 21st Century Fox Film.
At the same time, Chinese conglomerate Fosun will pay Yu $49 million for 4.17 million Bona shares at $11.8 apiece, representing a 13.3% stake in the company. Fosun's current ownership is 7.5%. The Chinese conglomerate bought a 6.4% stake in the company from Matrix Partners China and other undisclosed pre-IPO shareholders in October for $20.8 million.
"This additional investment is another strategic foothold for Fosun in the global movie and entertainment industry," said Guangchang Guo, Fosun's chairman, in a separate statement.
Bona distributes films in Greater China, Korea, Southeast Asia, the US and Europe, operating 20 theaters.
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