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China Daily Mail

China Daily Mail

News Corp has agreed to buy a stake in Chinese movie distributor Bona Film Group Ltd, becoming the latest U.S. media company to expand into China‘s booming movie market.

News Corp will take a 19.9 percent stake in Bona Film from founder and chief executive Yu Dong, Bona said in a statement. It gave no financial details. The Nasdaq-listed company has a market capitalisation of about $392 million.

China, which posted box office revenue of $2.1 billion last year, agreed in February to open its market to more U.S. movies, adding 14 premium films, such as 3D or IMAX, to the current quota of 20 foreign films a year.

News Corp China Investments chief executive Jack Gao was quoted in the Bona statement as saying the company was attractive because had film distribution and production as well as operating cinemas.

“China’s film market is growing at a…

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