Alibaba and Tencent join Bona Film's $1b buyout

The Chinese internet giants have teamed up with other investors in the take-private deal, broadening their exposure to China's booming film industry.

Chinese internet giants Alibaba and Tencent have teamed up with a group of investors to take Bona Film Group private in a deal valuing the first US-listed Chinese film company at about $1 billion.

Hong Kong-listed Alibaba Pictures, a wholly owned unit of Alibaba, said late on Tuesday that it will invest $86 million in Bona Film and own about 10% of the firm following the buyout. Rival Tencent, acting through subsidiary Willow Investment, has yet to disclose the scale of its investment.

Alibaba and Tencent join the consortium of investors that in June offered $13.70 for each of Bona Film's 's American depositary shares,...

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