The official press release:
FOX INTERNATIONAL PRODUCTIONS (FIP), a division of 20th Century Fox Film Corporation, and BONA FILM GROUP LTD. (Nasdaq:BONA), one of China's largest motion picture producers and distributors, today announced a multi-picture deal in which the two companies will together produce Chinese language films.
Under the agreement, the two companies will develop, produce and distribute films throughout China.
"This is a significant step in what we believe will be a long-term, multi-faceted collaboration with News Corp. and its subsidiary companies," said Mr. Dong Yu, Founder, Chairman and CEO of Bona Film Group Limited. "The films released under this partnership will combine Bona's deep understanding of production, distribution and audience preferences in China with FIP's international expertise to create movies that satisfy audiences' growing demand for blockbuster characteristics. We look forward to the cooperation and anticipated opportunities with FIP."
The announcement follows an agreement forged earlier this year by which Bona secured a strategic investment from News Corporation (Nasdaq:NWS); (Nasdaq:NWSA); (ASX:NWS), (ASX:NWSLV), the parent company of 20th Century Fox Film. Under that investment agreement, News Corp. acquired a 19.9% equity stake in Bona directly from Mr. Yu, which enabled News Corp. to gain a strategic advantage in China's burgeoning film industry. The new partnership between Fox International Productions and Bona furthers that relationship and enhances Fox's position in China.
Sanford Panitch, President of Fox International Productions, stated: "We continue to be excited about the opportunities in the world's fastest growing market. Mr. Yu's vision for Bona combined with the company's stature as one of the leading distributors makes for great opportunities to co-produce and co-distribute Fox International Productions films in China."
Box office receipts in China increased nearly 30% in 2011 over 2010 to more than U.S. $2 billion, according to EntGroup, making China the world's third largest film market behind the United States and Japan. Industry growth is expected to accelerate even further over the next several years, moving China into the number two slot in worldwide box office revenue.
According to China'sState Administration of Radio, Film and Television (SARFT), the gross box office for the first half of 2012 totaled RMB 8.1 billion ($1.3 billion), up 41.7% from the same period in 2011, when the box office gross was RMB 5.7 billion ($904.5 million). (USD 1 = RMB 6.3).
As of the end of June 2012, China had over 3,000 cinemas with nearly 11,000 screens (including over 7,000+ 3D-capable screens) nationwide. More than 1,600 screens were added during the first six months of the year, with an average of nine screens built each day.
SEOUL/SINGAPORE -- Senator Chris Dodd, Chairman and CEO of the Motion Picture Association of America (MPAA), speaking at the American Chamber of Commerce in Korea (AMCHAM Korea) today, said that both the U.S. and South Korean screen industries would benefit from the Free Trade Agreement between the two countries.
"The United States & South Korea: Cultural Exporters in a Post KORUS FTA World", presented to around one hundred representatives from the American business community in South Korea, Government officials, U.S. movie studio executives and film trade association representatives, was held at the Grand Hyatt Hotel in Seoul.
Introducing Senator Dodd, Amy Jackson, President of AMCHAM Korea said, "Senator Dodd's visit to Korea comes at a very opportune time. Korean movies are a key part of the growing popularity of the K-wave which is hitting the United States and other countries -- and it is clear that the enhanced cooperation between the U.S. and Korean movie industries, facilitated by MPAA, is working to the benefit of both countries."
Senator Dodd said that the KORUS FTA trade agreement was one of the most commercially significant free trade agreements in the world, serving to greatly benefit the economies of the United States and South Korea, and will provide an important foundation for the success of both film and television industries.
"This an exciting time for both the U.S. and Korean film industries as we find new ways to work closer together to deliver our products to audiences around the world," said Senator Dodd. "Our two vibrant, world class film and television industries not only work together to promote each other's economies - they also work to promote our respective cultures."
"And as our ability to communicate and work with peers around the world continues to improve, the ground is proving fertile for all filmmaking industries to work together and form partnerships that contribute to the rising number of co-productions."
"This is a trend that is only going to continue as we become even more of an international industry than we are today because everyone benefits from it. Filmmakers share their creative ideas and works with one another, governments develop closer economic and cultural ties, audiences have the opportunity to choose from a greater selection of film and television products, and technology developers have more ways of bringing content to audiences around the globe. The KORUS FTA can only work to strengthen these economic and cultural ties."
Senator Dodd also praised the recent release of a new report illustrating the significant economic contribution made by the film and television industries in South Korea saying that these industries drive innovation and productivity in a digital economy, providing not only long-term careers in such fields as 3D special effects, post production supervisors and cinematographers, but deliver a quality screen entertainment experience for audiences worldwide.
Launched on October 8 at the National Assembly Memorial Center in Seoul, the Economic Contribution of the Film and Television Industries in South Korea found that the film and television industry in South Korea directly contributed USD6.77 billion (7,549 billion Won) to the country's economy and directly supported 67,627 jobs in 2011. The industry also generated tax revenues of USD3.36 billion (3,752 billion Won).
Santa Monica, Calif. & Centennial, Colo. -- Celebrating Quentin Tarantino's filmmaking career spanning two decades, Miramax, NCM® Fathom and IGN present two of his most acclaimed works "Reservoir Dogs" and "Pulp Fiction," each in theaters for only one night this December. "Tarantino XX: ‘Reservoir Dogs' 20th Anniversary Event" will hit select movie theaters nationwide on Tuesday, Dec. 4 at 7:00 p.m. local time, and "Tarantino XX: ‘Pulp Fiction' Event" will follow two days later on Thursday, Dec. 6 at 7:00 p.m. local time, with matinees in select markets. Each cinema event will include a special feature showcasing Tarantino's 20-year career and a selection of hand-picked movie trailers from films that inspired him as a filmmaker.
Tickets for "TARANTINO XX: ‘Reservoir Dogs' and ‘Pulp Fiction'" are available at participating theater box offices and online at www.FathomEvents.com or www.tarantinoxx.com. The events will be presented using new digital cinema projection systems in more than 625 movie theaters across the country. For a complete list of theater locations and prices visit the NCM Fathom Events website (theaters and participants are subject to change).
Audiences across the country will be exhilarated by these gritty and innovative films that launched Tarantino's iconic career, in which he has received the industry's top honors including an Academy Award®, a Golden Globe Award®, as well as nominations for both an Emmy® and a Grammy® award.
"There is no doubt that Quentin Tarantino's writing and directorial style has reinvented filmmaking as we know it," said Shelly Maxwell, executive vice president of NCM Fathom Events. "Join Vincent, Jules, Marsellus Wallace, Mr. Orange, Mr. Pink, Mr. Blonde and the rest of his infamous characters as they return to the big screen in this special two-night Fathom event."