American multinational media firm 21^st Century Fox has exited China's movie studio and distributor Bona Film Group by selling its entire 19 percent stake for over US$70 million.

Bona's Chief Executive Officer (CEO) Yu Dong is buying back the entire stake of Fox, raising his overall ownership of the company to about 32 percent.

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Fox did not stipulate the reason for its exit and sources said the latest development will not affect the five film co-productions currently in the works between 21^st Century Fox and Bona Films Group.

Among the five films that Bona and Fox are producing is the Chinese-language remake of "Bride Wars", a 2009 comedy film starting Anne Hathaway and Kate Hudson.

While 21^st Century Fox is selling its entire stake in Bona, Fosun Group has purchased an additional 13% stake in the Chinese movie studio and distributor. Last year, Fosun bought 7.5% in the company.

The 13% stake purchased by Fosun was taken directly from the shares of Yu, Bona's CEO.

Fosun Group is a Chinese company engaged in industrial operations, property development, insurance and investment.

In 2013, Bona Film Group reported annual revenue of US$143 million, a 13% increase from a year earlier. Bulk of its revenue came from film investment, movie theater business and film production.

Bona's film investment and production units earned US$74 million in net revenue due to the success of its TV drama production, "The King's Battle".

Its theater business, meanwhile, reached US$41.7 million from a year ago's US$26 million. The company's movie theater earned US$42 million.

Bona has 20 theaters and 163 screens in China.

Tags21st Century Fox, Fox China, Bona Films China