Cinedigm (NASDAQ:CIDM) stock is heading higher on Wednesday following acquisition news for the media streaming company.
Here’s everything investors in CIDM need to know about the company and the recent acquisition.
- Cinedigm announced today that it has acquired Fandor.
- This is a streaming company that focuses on independent films with roughly 4,6000 tiles.
- Its offerings include a wide array of classic films, film festival winners, and acclaimed foreign films.
- It also has apps available on iOS, Android, Roku, Chromecast, as well as other devices and services.
- Chris McGurk, chairman and CEO of Cinedigm, says the acquisition will be accretive to its EBITDA, revenue, and profit.
- The company’s goal is to relaunch the Fandor streaming service and use it to expand its own offerings to customers.
- Cinedigm also plans to relaunch Keyframe, which was Fandor’s video publication covering cinema.
- Phil Hopkins, the president of CIDM’s Film Detective division, will lead this effort.
- Cinedigm media offerings include a collection of channels each with a different focus.
- It has nine in total with some of them being COMBAT GO, Docurama, Dove and Gatherer.
- The media company also offers digital cinema as well that has it working with major players in the field.
- That includes 20th Century Fox, Disney (NYSE:DIS), DreamWorks, Lionsgate (NYSE:LGF.A,NYSE:LGF.B), Paramount, Sony (NYSE:SNE), Universal, Warner Brothers, and Weinstein.
CIDM stock was up 13.5% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.