Fox International Productions (FIP), a division of 20th Century Fox Film Corporation, and Bona Film Group, one of China’s largest motion picture producers and distributors, announced an agreement that includes development co-production and joint distribution of Chinese language films.
“This is a significant step in what we believe will be a long-term, multi-faceted collaboration with News Corp. and its subsidiary companies,” said Mr. Dong Yu, Founder, Chairman and CEO of Bona Film Group Limited. “The films released under this partnership will combine Bona’s deep understanding of production, distribution and audience preferences in China with FIP’s international expertise to create movies that satisfy audiences’ growing demand for blockbuster characteristics. We look forward to the cooperation and anticipated opportunities with FIP.”
Earlier this year, Bona entered a different agreement in which they secured a strategic investment from News Corp., the parent company of 20th Century Fox Film. Under that investment agreement, News Corp. acquired a 19.9% equity stake, which enables News Corp. to gain a strategic advantage in China’s film industry. The new partnership between Fox International Productions and Bona furthers that relationship and enhances Fox’s position in China.
Industry growth is expected to accelerate even further over the next several years, moving China into the number two slot in worldwide box office revenue. According to China’s State Administration of Radio, Film, and Television (SARFT), the gross box office for the first half of 2012 totaled RMB 8.1 billion ($1.3 billion), up 41.7% from the same period in 2011. As evidenced by Box office sales, China is the world’s third largest film market behind the United States and Japan. Box office receipts in China increased nearly 30% in 2011.
Sanford Panitch, President of Fox International Productions, stated: “We continue to be excited about the opportunities in the world’s fastest growing market. Mr. Yu’s vision for Bona combined with the company’s stature as one of the leading distributors makes for great opportunities to co-produce and co-distribute Fox International Productions films in China.”
20th Century Fox Film, a division of News Corp., produces, acquires, and distributes motion pictures throughout the world. These motion pictures are produced, acquired, or distributed by the following units of 20th Century Fox Film: Twentieth Century Fox, Fox 2000 Pictures, Fox Searchlight Pictures, Fox International Productions, and Twentieth Century Fox Animation/Blue Sky Studios.
Bona Film Group Limited is a leading film distributor in China that distributes films to Greater China, Korea, Southeast Asia, Europe, and the United States. The company has an integrated business model encompassing film distribution, film production, film exhibition, and talent representation. Bona invests and produces movies in a variety of genres, owns and operates 15 movie theaters, and manages a range of talented and popular Chinese artists.
For more information about Bona, please visit www.bonafilm.cn
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