MUMBAI: Imax, the Toronto-based giant screen exhibitor has partnered with Nongken Bona Film Investment to install a digital screen in the Nongken Bona International Cineplex in Tianjin, China.
The theatre, set to open in September, follows Imax screening Bona Film Group‘s 3D martial arts epic Flying Swords of Dragon Gate on its screens and setting an Imax Chinese exhibition record.
“With the incredible success of Flying Swords of Dragon Gate, we have first-hand experience with Imax‘s ability to transform the movie-going experience, making audiences believe that they‘re a part of the film,” Bona Film Group founder and CEO Dong Yu said after his latest agreement with Imax for the Tianjin theatre in a statement.
Flying Swords of Dragon Gate, which released in China in December 2011, became the fourth highest grossing Chinese-language film ever and the highest-grossing Chinese title digitally remastered into the Imax format.
Tag: Dong Yu
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Imax inks deal for another theatre in China
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China-based Bona Film in talks with 4 Hollywood studios
MUMBAI: Chinese film distributor Bona Film Group Ltd. is in talks with four Hollywood studios for co-producing movies for international distribution.
“We hope to work with the larger studio houses … and we‘re having discussions with several,” Bona Film Group CEO Dong Yu has reportedly said. The studios that Bona is talking to include Universal Pictures, Sony Corp., Twentieth Century Fox and Viacom Inc.‘s Paramount Pictures.
If the talks materialise, the plans would represent an acceleration of Chinese-US film co-productions, which have typically been made on a one-off basis. Some of the studios in mention have entered joint ventures or co-productions with Chinese companies in recent months. Walt Disney Co., for instance, had partnered with China‘s DMG Entertainment to co-produce the next “Iron Man” film in China in April.
Last month, News Corp. had declared that it had bought a roughly 20 per cent stake in Bona but the deal didn‘t include any production agreement with Fox. Yu said that he would like to work with Fox as a “preferred partner” but Bona would be free to make deals with other studios.
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News Corp picks up 19.9% stake in China’s Bona Film
MUMBAI: News Corporation has acquired a 19.9 per cent stake in Bona Film Group, a leading film distributor and vertically integrated film company in China, from the company‘s founder, chairman and CEO Dong Yu.
Following the close of these transactions, Yu‘s ownership will be reduced to 8,210,803 ordinary shares (not including options to purchase 545,615 ordinary shares), representing approximately 27 per cent of the company‘s ordinary shares outstanding.
These transactions are expected to close in the next 15 days and are subject to customary closing conditions.
“One of Bona‘s unique advantages is its vertically-integrated business model, which differentiates the dompany from other film distributors in China,” said News Corporation China investments SVP, News Corporation & CEO Dr. Jack Gao.
“China‘s film market is growing at a rapid pace, positioning the country to be the second largest film market following the United States, and Bona‘s market leadership, compelling value proposition and tremendous growth potential make this an attractive opportunity for News Corporation.”
On his part, Yu has entered into separate agreements to acquire 1,000,000 Bona ordinary shares from SIG China Investments One, Ltd., 1,000,000 Bona ordinary shares from Matrix Partners China Funds and 1,500,000 Bona ordinary shares from the Sequoia Funds, at an average price of $11.40 per share, or $5.70 per American Depositary share.
“We are thrilled to receive this strategic investment from News Corporation. 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,” said Yu.
Since its IPO in 2010, Bona has developed its business significantly.”We believe now is the time to diversify our ownership structure by introducing select strategic investors. This is an exciting period of growth for China‘s film industry, and we look forward to exploring the international commercial opportunities for Chinese films with our new partner,” Yu said.