China Studio Bona Buys Cinema Chain Bona Starlight for $30 Million
The studio and distributor adds 11 potential outlets for its own products.
BEIJING -- U.S.-listed Chinese movie studio Bona Film Group Ltd. has acquired 100% ownership of Beijing Bona Starlight Cineplex Management Co. Ltd., for 200 million yuan ($30.9 million), the company said in a statement.
The exhibitor operates four cinemas currently, two in Beijing and one each in Chongqing and Tianjin. The company has seven other theaters under construction at present.
"A film distributor with a meaningful number of cinemas will differentiate Bona from other film distributors, giving us a competitive advantage as we continue to grow prudently in the quarters ahead," Bona CEO Yu Dong said in a statement.
Bona has performed poorly on Nasdaq since its IPO in Dec. 2010. It posted a full-year loss for 2010, after missing with several high-profile releases.