Shares of Cinedigm (NASDAQ:CIDM) stock are quickly rising on Friday morning after an important company announcement on Thursday.
The firm released a statement that its linear streaming channels are now available on Rad, a livestreaming platform with a diverse lineup of content for its users. It is quickly growing, and the company said that Rad reaches 110 million Sony (NYSE:SNE) PlayStation consoles. Additionally, it reaches “hundreds of millions” of other mobile streaming devices.
Additionally, the Los Angeles-based company boasts that it is the “leading independent entertainment studio in North America….” and focuses on a number of different areas. This includes digital cinema and streaming channels, as well as content and marketing distribution. Also, Rad works with some of the biggest names in entertainment like Discovery (NASDAQ:DISCA), ViacomCBS (NASDAQ:VIAC) and Showtime.
Overall, this is major news for this firm — and CIDM stock is getting a boost because of it.
Moreover, Erick Opeka — president of Cinedigm Networks — had this to say about the CIDM stock news:
“Rad exemplifies exactly what we look for in a platform distribution partner. Between their unique reach on 110 million gaming consoles, extensive premium content, and an innovative discovery and viewing experience, they are the perfect home for our growing stable of enthusiast networks.”
CIDM stock was up nearly 25% as of Friday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.
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