Fox International Productions and Bona Film Group Announce Production Deal
Agreement Includes Development Co-Production and Joint Distribution of
Multiple Chinese-Language Films
LOS ANGELES and BEIJING, Oct. 26, 2012 (GLOBE NEWSWIRE) -- FOX INTERNATIONAL
PRODUCTIONS (FIP), a division of 20^th Century Fox Film Corporation, and BONA
FILM GROUP LTD. (Nasdaq:BONA), one of China's largest motion picture producers
and distributors, today announced a multi-picture deal in which the two
companies will together produce Chinese language films.
Under the agreement, the two companies will develop, produce and distribute
films throughout China.
"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."
The announcement follows an agreement forged earlier this year by which Bona
secured a strategic investment from News Corporation (Nasdaq:NWS);
(Nasdaq:NWSA); (ASX:NWS), (ASX:NWSLV), the parent company of 20^th Century Fox
Film. Under that investment agreement, News Corp. acquired a 19.9% equity
stake in Bona directly from Mr. Yu, which enabled News Corp. to gain a
strategic advantage in China's burgeoning film industry. The new partnership
between Fox International Productions and Bona furthers that relationship and
enhances Fox's position in China.
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."
Box office receipts in China increased nearly 30% in 2011 over 2010 to more
than U.S. $2 billion, according to EntGroup, making China the world's third
largest film market behind the United States and Japan. 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, when the box
office gross was RMB 5.7 billion ($904.5 million). (USD 1 = RMB 6.3).
As of the end of June 2012, China had over 3,000 cinemas with nearly 11,000
screens (including over 7,000+ 3D-capable screens) nationwide. More than 1,600
screens were added during the first six months of the year, with an average of
nine screens built each day.
About 20^th Century Fox Film
One of the world's largest producers and distributors of motion pictures,
20^th Century Fox Film (a division of News Corporation) produces, acquires and
distributes motion pictures throughout the world. These motion pictures are
produced, acquired or distributed by the following units of 20^th Century Fox
Film: Twentieth Century Fox, Fox 2000 Pictures, Fox Searchlight Pictures, Fox
International Productions, and Twentieth Century Fox Animation/Blue Sky
About Bona Film Group Limited
Bona Film Group Limited (Nasdaq:BONA) is a leading film distributor in China,
with an integrated business model encompassing film distribution, film
production, film exhibition and talent representation. Bona distributes films
to Greater China, Korea, Southeast Asia, Europe and the United States, 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 http://www.bonafilm.cn.
To be added to Bona's email list to receive Company news, please send your
request to firstname.lastname@example.org.
The Bona Film Group Limited logo is available at
Forward Looking Statements
This news release may contain certain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "believe," "will,"
"expect," "anticipate," "future," "estimates" and similar statements. All
statements other than statements of historical fact in this press release are
forward-looking statements and involve certain risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. These forward-looking statements are based on
management's current expectations, assumptions, estimates and projections
about the Company and the industry in which the Company operates, but involve
a number of unknown risks and uncertainties. Further information regarding
these and other risks is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring events or
circumstances, or changes in its expectations, except as may be required by
CONTACT: For 20th Century Fox Film Corp. and
Fox International Productions
For Bona Film Group Ltd.
Ms. Lingzi Gui
Bona Film Group Limited
Tel: +86 10-5928-3663
In the U.S.:
The Piacente Group, Inc.
Brandi Floberg or Lee Roth
Tel: (212) 481-2050
Bona Film Group Limited Logo
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