Back in May, News Corp announced a strategic investment in China’s Bona Film Group which gave it a 19.9% stake in the distributor. That deal did not include a production component, but today, Bona and News Corp.’s Fox International Productions have announced a multi-picture co-producing pact for Chinese-language films. FIP has already produced local-language pictures in China — and is very active in other international territories including Russia, Germany, Spain, Korea and India. Here’s the press release on today’s deal, which gives Fox deeper reach in a booming market:
FOX INTERNATIONAL PRODUCTIONS (FIP), a division of 20th 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.” (more…)