Murdoch's News Corp gets foothold in China's film market

Bona film group hopes to expand its market abroad through News Corp's distribution networks in North America and experience in film production, said Bona's president Yu Dong.

"We have learned from Hollywood counterparts to bring in strategic investors. Through the deal, we would like to improve our production and sharpen competitiveness in the international market," Yu said.

News Corp is the parent company of 21st Century Fox.

Analysts say the move is a part of China's efforts to push its films on to the international market. Several of China's films are confined to the domestic market despite doing well at the box office.

In 2011, Bona produced 15 films, including the 3D "Flying Swords of Dragon Gate" starring Jet Li and "A Simple Life" whose leading actress Deanie Ip won the Best Actress Award at the Venice International Film Festival in 2011.

After being listed in the US, Bona has worked to upgrade its board, reducing stakes held by venture capitalists and introducing strategic investors which will benefit the company in the future, Yu said.

News Corp's investment is considered a move to tap into booming Chinese film market, reported Xinhua.

China's box office, regarded as the third of US and India, soared by 28.93 percent to 13.12 billion yuan ( USD 2.08 billion) in 2011.

One of Bona's unique advantages is its vertically integrated business model, which differentiates the company from other film distributors in China, said Jack Gao, News Corp's chief executive for China investments.