News Corp. takes nearly 20-percent stake in private Chinese film group


AFP

NEW YORK — U.S. media giant News Corp. has taken a 19.9-percent stake in Bona Film Group, which calls itself the largest privately owned film distributor in China, the firms said. A joint statement dated Monday said Rupert Murdoch’s conglomerate had bought the equity stake directly from company founder and Chairman Dong Yu. “We are thrilled to receive this strategic investment from News Corporation,” the Chinese businessman said. “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.” Financial terms of the deal were not disclosed.