Alibaba, Tencent Arms Join Bona Film Buyout Group
December 15 2015 - 9:50AM
Dow Jones News
BEIJING—Chinese Internet rivals Alibaba Group Holding Ltd. and
Tencent Holdings Ltd. are once again teaming up in show
business.
Arms of Alibaba and Tencent are joining the group bidding to
take Chinese film studio and distributor Bona Film Group Ltd.
private, the studio said Tuesday. Financial terms weren't
disclosed.
Bona, which was a backer of this year's "The Martian" starring
Matt Damon and the 2013 Wong Kar-wai film "The Grandmaster," trades
on the Nasdaq Stock Market and has a market valuation of about $781
million.
The bidders are joining a group that offered to buy Bona's
American depositary receipts in June at $13.70 each. The buyout
group includes investment vehicle Uranus Connection Ltd. and an
investor, Xie Zhanshan.
Bona's ADRs finished trading Monday at $12.77.
After the deal, Bona would be owned by the investors, Chairman
and Chief Executive Dong Yu, China's Fosun International Ltd. and
others.
The Internet giants have been increasing their stakes in Chinese
entertainment companies in recent months, joining with other
companies to buy $560 million of new shares of China's Huayi
Brothers Media Corp. in August.
Lilian Lin
(END) Dow Jones Newswires
December 15, 2015 09:35 ET (14:35 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Bona Film Grp. Limited ADS (MM) (NASDAQ:BONA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bona Film Grp. Limited ADS (MM) (NASDAQ:BONA)
Historical Stock Chart
From Jul 2023 to Jul 2024