Nov 19, 2018
Dawson James Reiterates Buy Rating on Cinedigm with $2.67 Price Target
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LOS ANGELES, Nov. 19, 2018 (GLOBE NEWSWIRE) -- On Friday, November 16, 2018, Dawson James analyst Barry Sine updated coverage on Cinedigm (NASDAQ: CIDM), with a Buy Rating and price target of $2.67. The report can be found at https://dawsonjames.com/wp-content/uploads/2018/11/CIDM-11162018-update.pdf. This announcement does not constitute any endorsement or other support of the report.

ABOUT Cinedigm

Cinedigm (NASDAQ: CIDM) powers custom content solutions to the world's largest retail, media and technology companies. The global company provides premium feature films and series to digital platforms including iTunes, Netflix, and Amazon, cable and satellite providers including Comcast, Dish Network and DirecTV, and major retailers including Wal-Mart and Target. Leveraging Cinedigm's unique capabilities, content and technology, the company has emerged as a leader in the fast-growing digital-first channel business, with nine networks under management that reach hundreds of millions of devices while also providing premium content and service expertise to the entire OTT ecosystem. With reciprocal distribution partnerships in both the United States and China, Cinedigm's growing stable of platforms has unprecedented availability in the two largest markets in the world. Learn more about Cinedigm at www.cinedigm.com

Cinedigm™ and Cinedigm Digital Cinema Corp™ are trademarks of Cinedigm Corp. www.cinedigm.com.

Disclaimer
For Informational Purposes Only - The company assumes no responsibility for the accuracy of reports prepared by outside third parties, nor does it endorse any of the projections, recommendations or conclusions made herein.

Press Contact for CIDM:

Jill Newhouse Calcaterra
310-466-5135
jcalcaterra@cinedigm.com

cinedigm_logo.jpg

Source: Cinedigm Digital Cinema Corp.

Nov 14, 2018
Cinedigm Announces Second Quarter Fiscal 2019 Financial Results
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Net Loss Reduced by $4.0 million or 53%; OTT Channel Revenues Up 23%; Strategic Transition to OTT Business Model Continues

LOS ANGELES, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Cinedigm Corp. (NASDAQ: CIDM) today announced financial results for the second quarter fiscal 2019, which ended September 30, 2018.

Key Second Quarter Financial Results:

  • Consolidated revenues were $13.7 million, down 16% due to the expected decline in the legacy cinema equipment business (down 31%)
  • OTT channel revenues were up 23% year-over-year
  • Net loss to common stockholders was reduced by $4.0 million, a 53% improvement versus the prior year quarter
  • Total Content and Entertainment EBITDA improved 12% versus the prior year quarter and 11% over the first quarter of this year

Key Business Highlights:

  • Forged partnership with leading Chinese streaming channel Youku to exclusively distribute 30 original feature films to all platforms in North America
  • Expanded OTT ad-supported footprint by launching Cinedigm’s portfolio of streaming networks on Xumo, a free linear and on-demand service integrated with key smart TV OEM brands including LG, Hisense, Sharp, Marnavox and Phillips, among others.
  • Launched Cinedigm subscription OTT Networks on Dish Network’s ‘Subscription on Demand’ offering available to nearly 10 million subscribers, as well as their virtual MVPD offering SlingTV, with more than 2.37 million subscribers.
  • Announced a partnership to bring Cinedigm’s portfolio of streaming channels to Tubi, one of the fastest growing and largest free streaming services in the OTT landscape.
  • Expanded content library with several premium acquisitions including 10 Seasons of the popular family drama Heartland, the worldwide distribution rights to THE AURORA GAMES and North American distribution rights to the military film drama, SGT. WILL GARDNER, to be released in select theatres, on demand and digital, in January 2019
  • Announced partnership with Mark Yellen Productions and Rosenbloom Entertainment to produce a multi-season television series about literary adventurer Emily “Mickey” Hahn, set in Shanghai and targeted as a China/U.S.co-production
  • Announced planned early 2019 launch of BAMBU, a new Chinese streaming channel targeting English-speaking Millennial and Gen-Z viewers with digital and theatrical films, series, animation and reality programming.

“We expanded our footprint during the quarter through a number of new OTT streaming platform deals and further enriched our content library with the acquisition of new premium programming,” said Chris McGurk, Chairman and CEO. “By investing in a breadth of quality programming and making it available across a variety of platforms, we continue to position Cinedigm as a key player in reaching OTT streaming viewers and advertisers. Our unique approach to bilateral distribution of content and streaming channels through strategic U.S. and China partnerships gives us a clear advantage over other players in the industry in the two biggest entertainment markets in the world that also have the largest and fastest growing OTT footprints.”

Mr. McGurk added, “Our interactions in the China market reinforce our view of the massive opportunity for the flow of movies, TV and other digital programming into and out of China. The partnerships we are establishing with high-quality entertainment partners are opening a number of gateways for the creation and acquisition of additional revenue sources. Our recently announced partnership with Youku to distribute 30 original Chinese feature films in North America on all key platforms, as well as the planned launch of Chinese-content channel Bambu, are key examples of the progress we are making with our China strategy.”

Jeffrey Edell, Chief Financial Officer, added, “The run-off of our legacy cinema equipment business, while contracted and expected, provides us with a predictable financial profile as we continue to invest in the strategic transition of our business to higher growth, higher margin OTT revenue streams with a focus on the highly disruptive and fast-growing ad-supported sector, which is projected to  be a $50 billion worldwide business by 2022.  We also have invested significantly in our new content rights management and OTT technology solutions, which we believe will significantly transform the process in which we and our streaming partners will ingest and distribute content, thereby reducing the time and cost of cataloging the content we acquire, materially reducing the delivery time to a growing number of platforms and generating substantial SAAS revenues for Cinedigm.”

Financial Summary

Revenue

Revenue for the three months ended September 30, 2018 was $13.7 million, compared to $16.3 million for the year ago period. This decrease was driven by lower cinema equipment deployment and services revenue derived from virtual print fees (“VPF”) in our legacy business, which are earned when movies distributed by studios are displayed on screens utilizing the Company’s systems that are installed in movie theatres. The Company continues to shift its strategy toward building a portfolio of revenue streams in the OTT business as the cinema equipment business winds down.

Direct Operating Expenses

Direct operating expenses for the second quarter of fiscal 2019 decreased by 11% to $3.6 million compared to $4.0 million for the year ago period. The decrease was primarily due to a reduction in content advance amortization in the company’s Content & Entertainment business segment.

Selling, general and administrative expenses

Selling, general and administrative expenses increased by $240,000, or 4%, to $6.5 million for the three months ended September 30, 2018 compared to $6.2 million for the three months ended September 30, 2017.

Interest expense, net

Net interest expense decreased by $1.4 million, or 35%, to $2.6 million for the three months ended September 30, 2018 compared to $4.0 million for the three months ended September 30, 2017. The decrease was primarily due to lower interest expense on a lower outstanding debt balance compared to the second quarter of fiscal 2018.

Net income / (loss)

For the three months ended September 30, 2018, the Company had a net loss of $3.5 million, and after giving effect to preferred stock dividends of $89,000, a net loss available to common stockholders of $3.6 million or ($0.09) per basic and diluted share based on a weighted average of 37,696,256 million shares outstanding. In comparison, for the three months ended September 30, 2017, the Company had a net loss of $7.5 million, and after giving effect to preferred stock dividends of $89,000, a net loss available to common stockholders of $7.5 million or ($0.60) per basic and diluted share based on a weighted average of 12,650,909 million shares outstanding.

Adjusted EBITDA

Adjusted EBITDA decreased by $3.0 million, or 51%, to $2.9 million for the three months ended September 30, 2018 compared to $5.9 million for the three months ended September 30, 2017. The decrease was due to the cinema equipment VPF expected decline, in our legacy business, which was partially offset by a 12% gain in the content and entertainment business.

Adjusted EBITDA is defined by the Company for the periods presented to be earnings before interest, taxes, depreciation and amortization, other income, net, goodwill impairment, litigation related expenses and recoveries, stock-based compensation, expenses, restructuring, transition and acquisitions expenses, net, and certain other items. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation in the tables attached to this release of loss from continuing operations calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”) to Adjusted EBITDA. Adjusted EBITDA is not a measurement of financial performance under GAAP and may not be comparable to other similarly titled measures of other companies. The Company calculated and communicated Adjusted EBITDA in the tables because the Company's management believes it is of importance to investors and lenders by providing additional information with respect to the performance of its fundamental business activities. Management presents Adjusted EBITDA because it believes that Adjusted EBITDA is a useful supplement to net loss as an indicator of operating performance. Management also believes that Adjusted EBITDA is an industry-wide financial measure that is useful both to management and investors when evaluating the Company's performance and comparing our performance with the performance of our competitors. Management also uses adjusted EBITDA for planning purposes, as well as to evaluate the Company's performance because it believes that adjusted EBITDA more accurately reflects the Company's results, as it excludes certain items, such as stock-based compensation charges, that management believes are not indicative of the Company's operating performance. The Company believes that Adjusted EBITDA is a performance measure and not a liquidity measure. Adjusted EBITDA should not be considered as an alternative to operating or net loss as an indicator of performance or as an alternative to cash flows from operating activities as an indicator of cash flows, in each case as determined in accordance with GAAP, or as a measure of liquidity.  In addition, adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows.  The Company's calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of net income (loss). In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities as well as interest and income taxes that can affect cash flows. Management does not intend the presentation of these non-GAAP measures to be considered in isolation or as a substitute for results prepared in accordance with GAAP. These non-GAAP measures should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.

Conference Call

Cinedigm will host a conference call to discuss its financial results at 1:30 p.m. PDT / 4:30 p.m. EDT on November 14, 2018.

To participate in the conference call, please dial (877) 754-5303 or for international callers (678) 894-3030 at least five minutes prior to the start of the call. No passcode is required. An audio webcast of the call will be accessible at http://investor.cinedigm.com/events.cfm. To listen to the live webcast, please visit the site prior to the start of the call-in order to register, download and install any necessary audio software.

For those unable to participate during the live broadcast, a replay will be available beginning November 14, 2018 at 7:30 p.m. EST, through November 21, 2018 at 7:30 p.m. EST. To access the replay, dial (855) 859-2056 (U.S.) or (404) 537-3406 (International) and use passcode: 2635648.

About Cinedigm

Cinedigm powers custom content solutions to the world's largest retail, media and technology companies. The global company provides premium feature films and series to digital platforms including Netflix, Amazon, Xumo, Roku, Vizio, Dish/Sling, Apple, and Google plus cable/satellite providers including Comcast, Dish Network and DirectTV in addition to major retailers including Wal-Mart and Target. Leveraging Cinedigm's unique capabilities, content and technology, the company has emerged as a leader in the fast-growing digital-first channel business, with seven networks under management that reach hundreds of millions of devices while also providing premium content and service expertise to the entire digital-first ecosystem. With reciprocal distribution partnerships in both the United States and China, Cinedigm's growing stable of platforms has unprecedented availability in the two largest markets in the world.

Cinedigm™ and Cinedigm Digital Cinema Corp™ are trademarks of Cinedigm Corp.www.cinedigm.com. [CIDM-E]

Safe Harbor Statement

Investors and readers are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of Cinedigm officials during presentations about Cinedigm, along with Cinedigm's filings with the Securities and Exchange Commission, including Cinedigm's registration statements, quarterly reports on Form 10-Q and annual report on Form 10-K, are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act''). Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects," "anticipates,'' "intends,'' "plans,'' "could," "might," "believes,'' "seeks," "estimates'' or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by Cinedigm's management, are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to various risks, uncertainties and assumptions about Cinedigm, its technology, economic and market factors and the industries in which Cinedigm does business, among other things. These statements are not guarantees of future performance and Cinedigm undertakes no specific obligation or intention to update these statements after the date of this release.

For more information:
Jill Newhouse Calcaterra
Cinedigm
jcalcaterra@cinedigm.com
310-466-5135

CINEDIGM CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)

  September 30, 2018   March 31, 2018
ASSETS (Unaudited)    
Current assets      
Cash and cash equivalents $ 15,691     $ 17,952  
Accounts receivable, net 30,834     38,128  
Inventory, net 626     792  
Unbilled revenue 2,632     6,799  
Prepaid and other current assets 8,647     10,497  
Total current assets 58,430     74,168  
Restricted cash 1,000     1,000  
Property and equipment, net 18,173     21,483  
Intangible assets, net 11,867     14,653  
Goodwill 8,701     8,701  
Other long-term assets 1,137     1,177  
Total assets $ 99,308     $ 121,182  
LIABILITIES AND DEFICIT      
Current liabilities      
Accounts payable and accrued expenses $ 55,777     $ 69,225  
Current portion of notes payable, including unamortized debt discount of $1,216 and $225 respectively 24,627     4,775  
Current portion of notes payable, non-recourse 300     512  
Current portion of deferred revenue 1,687     1,821  
Total current liabilities 82,391     76,333  
Notes payable, non-recourse, net of current portion and unamortized debt issuance costs and debt discounts of $1,825 and $2,140 respectively 28,140     37,570  
Notes payable, net of current portion and unamortized debt issuance costs and debt discounts of $1,151 and $3,352 respectively 14,076     25,435  
Deferred revenue, net of current portion 3,101     3,842  
Other long-term liabilities 255     306  
Total liabilities 127,963     143,486  
Stockholders’ deficit      
Preferred stock, 15,000,000 shares authorized; Series A 10% - $0.001 par value per share; 20 shares authorized; and 7 shares issued and outstanding at September 30, 2018 and March 31, 2018, respectively Liquidation preference of $3,648 3,559     3,559  
Common stock, $0.001 par value; Class A stock 60,000,000 shares authorized at September 30, 2018 and March 31, 2018, respectively; 36,383,038 and 36,261,975 shares issued and 35,069,202 and 34,948,139 shares outstanding at September 30, 2018 and March 31, 2018, respectively 35     35  
Additional paid-in capital 366,804     366,223  
Treasury stock, at cost; 1,313,836 Class A common shares at September 30, 2018 and March 31, 2018 (11,603 )   (11,603 )
Accumulated deficit (386,149 )   (379,225 )
Accumulated other comprehensive loss (22 )   (38 )
Total stockholders’ deficit of Cinedigm Corp. (27,376 )   (21,049 )
Deficit attributable to noncontrolling interest (1,279 )   (1,255 )
Total deficit (28,655 )   (22,304 )
Total liabilities and deficit $ 99,308     $ 121,182  
               

CINEDIGM CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except for share and per share data)

   Three Months Ended September 30,    Six Months Ended September 30,
  2018   2017   2018   2017
Revenues $ 13,744     $ 16,278     $ 26,822     $ 31,518  
Costs and expenses:              
Direct operating (excludes depreciation and amortization shown below) 3,616     4,041     7,041     8,107  
Selling, general and administrative 6,487     6,247     13,030     12,565  
Provision for doubtful accounts 1,067     949     1,132     949  
Depreciation and amortization of property and equipment 2,076     3,645     4,165     8,002  
Amortization of intangible assets 1,395     1,395     2,790     2,790  
Total operating expenses 14,641     16,277     28,158     32,413  
Income (loss) from operations (897 )   1     (1,336 )   (895 )
                       
Interest expense, net (2,572 )   (3,975 )   (5,267 )   (8,016 )
Debt conversion expense and loss on extinguishment of notes payable     (3,205 )       (3,205 )
Other expense, net (18 )   (133 )   (28 )   (202 )
Change in fair value of interest rate derivatives     43         83  
Loss from operations before income taxes (3,487 )   (7,269 )   (6,631 )   (12,235 )
Income tax expense     (196 )   (139 )   (382 )
Net loss (3,487 )   (7,465 )   (6,770 )   (12,617 )
Net loss attributable to noncontrolling interest 8     11     24     17  
Net loss attributable to controlling interests (3,479 )   (7,454 )   (6,746 )   (12,600 )
Preferred stock dividends (89 )   (89 )   (178 )   (178 )
Net loss attributable to common stockholders $ (3,568 )   $ (7,543 )   $ (6,924 )   $ (12,778 )
Net loss per Class A and Class B common stock attributable to common stockholders - basic and diluted:              
  Net loss attributable to common stockholders $ (0.09 )   $ (0.60 )   $ (0.18 )   $ (1.07 )
  Weighted average number of Class A and Class B common stock outstanding: basic and diluted 37,696,256     12,650,909     37,667,934     11,958,601  
                       

Adjusted EBITDA

Following is the reconciliation of our consolidated net loss to Adjusted EBITDA:

     Three Months Ended September 30,
($ in thousands)   2018   2017
Net loss   $ (3,487 )   $ (7,465 )
Add Back:        
Income tax expense       196  
Depreciation and amortization of property and equipment   2,076     3,645  
Amortization of intangible assets   1,395     1,395  
Interest expense, net   2,572     3,975  
Debt conversion expense and loss on extinguishment of notes payable       3,205  
Other expense, net   18     233  
Change in fair value of interest rate derivatives       (43 )
Provision for doubtful accounts       393  
Stock-based compensation and expenses   317     330  
Net loss attributable to noncontrolling interest   8     11  
Adjusted EBITDA   $ 2,899     $ 5,875  
         
Adjustments related to the Cinema Equipment Business        
Depreciation and amortization of property and equipment   $ (1,942 )   $ (3,476 )
Amortization of intangible assets   (11 )   (12 )
Provision for doubtful accounts       (393 )
Other (income) expense, net        
Income from operations   (3,206 )   (4,398 )
Adjusted EBITDA from non-cinema equipment business   $ (2,260 )   $ (2,404 )
                 

Adjusted EBITDA

Following is the reconciliation of our consolidated net loss to Adjusted EBITDA:

    Six Months Ended September 30,
($ in thousands)   2018   2017
Net loss   $ (6,770 )   $ (12,617 )
Add Back:        
Income tax expense   139     382  
Depreciation and amortization of property and equipment   4,165     8,002  
Amortization of intangible assets   2,790     2,790  
Interest expense, net   5,267     8,016  
Debt conversion expense and loss on extinguishment of notes payable       3,205  
Other expense, net   28     502  
Change in fair value of interest rate derivatives       (83 )
Provision for doubtful accounts       393  
Stock-based compensation and expenses   403     647  
Net loss attributable to noncontrolling interest   24     17  
Adjusted EBITDA   $ 6,046     $ 11,254  
         
Adjustments related to the Cinema Equipment Business        
Depreciation and amortization of property and equipment   $ (3,902 )   $ (7,677 )
Amortization of intangible assets   (23 )   (23 )
Provision for doubtful accounts       (393 )
Other (income) expense, net        
Income from operations   (6,929 )   (8,743 )
    $ (4,808 )   $ (5,582 )
                 

cinedigm_logo.jpg

Source: Cinedigm Digital Cinema Corp.

Nov 9, 2018
Cinedigm Launches Popular Digital-First Platforms COMBAT GO & WHAM Network as Linear Channels on The Roku Channel
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COMBAT GO by JungoTV Delivers International Coverage from the World’s Top MMA, Muay Thai and Boxing Promotions

WHAM Network Gives Viewers In-Depth Access to the World of Esports with Tournaments, Analysis, Original Series, and More

LOS ANGELES, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Cinedigm (NASDAQ: CIDM) announced today the addition of two more digital-first channels—the martial arts platform COMBAT GO by JungoTV and the popular esports network WHAM—as linear offerings on The Roku Channel, an ad-supported streaming channel that requires no subscriptions or fees. Both channels launched yesterday and also feature a VOD component. COMBAT GO and WHAM join fellow Cinedigm networks DOVE CHANNEL, CONtv, and DOCURAMA, which launched as channels in the Roku Channel Store in September of 2018.

The Roku Channel is a top five channel on the platform in active account reach. Customers can access content via Roku® devices, including Roku TV™, as well as via the Web.

COMBAT GO is a partnership between Cinedigm and the global distribution company JungoTV. Created by JungoTV CEO George Chung, a five-time World Karate Champion and Inductee in the Black Belt Hall of Fame, COMBAT GO presents curated content selected by martial arts experts, featuring in-depth fight commentary and analysis, original docuseries, and martial arts movies. Through its partnership with FITE.TV, the network covers combat events from around the globe including MMA, Muay Thai, wrestling and boxing, highlighting promotions such as RIZIN, Glory of Heroes, Kunlun Fights, Muay Thai Grand Prix Bare Knuckle Fighting Championship and Ring of Honor. COMBAT GO also covers a number of alternative combat sports geared toward millennial audiences.

Created by gamers for gamers, WHAM Network is devoted to providing innovative and immersive programming covering all aspects of the gaming industry from esports to casual gaming. The channel’s offerings include original series, top teams competing in intense esports tournaments, and in-depth coverage of special gaming events, as well as insightful updates on the latest in esports and gaming news.

"Cinedigm is proud to continue our partnership with Roku, as we bring COMBAT GO and WHAM Network to one of the best-selling streaming devices on the market," said Erick Opeka, President of Cinedigm Digital Networks. "Martial arts and esports have quickly emerged as two of the most popular sports in the world. Now, with the additions of COMBAT GO and WHAM Network, Roku users will be able experience this global phenomenon first-hand, as they discover and enjoy a diverse range of hard-hitting martial arts action and in-depth esports programming carefully curated by the industry’s top experts.”

ABOUT JungoTV
JungoTV is a global OTT and distribution company founded by Dr. Mehmet Oz, the renowned cardio-thoracic surgeon and Emmy® Award-winning host of the "Dr. Oz Show," along with Nasser J. Kazeminy, entrepreneur, business leader, philanthropist and Chairman of NJK Holding, Sandy Climan, CEO of Entertainment Media Ventures, longtime Hollywood dealmaker, and George Chung, international content expert and entrepreneur, who serves as Chief Executive Officer. The company manages over 47,000 hours of content and over 80 live channels for international distribution. JungoTV recently launched its owned and operated networks, including COMBAT GO, HALLYPOP, and Front Row Channel. For more information, visit www.jungotv.com.

ABOUT CINEDIGM
For twenty years, Cinedigm (CIDM) has been at the forefront of the digital transformation of entertainment.  Today, Cinedigm continues that mission by providing content, channels and services to the world’s largest  media, technology and retail companies. Our content aggregation and distribution services power the world’s leading digital platforms and retailers. Cinedigm’s Digital Networks group provides channels and services that entertain consumers globally across hundreds of millions of devices. For more information, visit www.cinedigm.com.

Roku is a registered trademark and Roku TV is a trademark of Roku, Inc. in the U.S. and in other countries.

Press Contact for CIDM:
Cindy Ronzoni
Cinedigm
cronzoni@cinedigm.com

cinedigm_logo.jpg

Source: Cinedigm Digital Cinema Corp.

Nov 8, 2018
Cinedigm to Report Second Quarter Fiscal 2019 Financial Results on Wednesday, November 14
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LOS ANGELES, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Cinedigm Corp. (NASDAQ: CIDM) announced today that it will release its second quarter fiscal 2019 financial results for the period ended September 30, 2018, on Wednesday, November 14, 2018 after the market close. A conference call is scheduled the same day at 4:30 p.m. EST. Participating in the call will be Chris McGurk, Chairman of the Board and Chief Executive Officer; Jeffrey Edell, Chief Financial Officer; and Gary Loffredo, General Counsel and President of Digital Cinema.

To participate in the conference call, please dial (877) 754-5303 or for international callers (678) 894-3030 at least five minutes prior to the start of the call. No passcode is required. An audio webcast of the call will be accessible at http://investor.cinedigm.com/events.cfm. To listen to the live webcast, please visit the site prior to the start of the call in order to register, download and install any necessary audio software.

For those unable to participate during the live broadcast, a replay will be available beginning November 14, 2018 at 7:30 p.m. EST, through November 21, 2018 at 7:30 p.m. EST. To access the replay, dial (855) 859-2056 (U.S.) or (404) 537-3406 (International) and use passcode: 2635648.

About Cinedigm

Cinedigm powers custom content solutions to the world’s largest retail, media and technology companies. We provide premium feature films and series to digital platforms including iTunes, Netflix, and Amazon, cable and satellite providers including Comcast, Dish Network and DirecTV, and major retailers including Walmart and Target. Leveraging Cinedigm’s unique capabilities, content and technology, the Company has emerged as a leader in the fast-growing over-the-top (OTT) channel business, with four channels under management that reach hundreds of millions of devices while also providing premium content and service expertise to the entire OTT ecosystem. Learn more about Cinedigm at www.cinedigm.com.

In November 2017, Bison Capital became the beneficial owner of the majority of Cinedigm’s outstanding Class A Common Stock. Bison Capital is a Hong Kong-based investment company with a focus on the media and entertainment, healthcare and financial service industries. Founded by Mr. Peixin Xu in 2014, Bison Capital has made multiple investments in film and TV production, film distribution and entertainment-related mobile Internet services.

Cinedigm is now working closely with Bison to develop plans and forge partnerships to release entertainment content and develop OTT channels in China while, reciprocally, releasing Chinese content and new OTT channels in North America.

www.cinedigm.com. [CIDM-E]

Contacts

Cinedigm Corporation
Jill Newhouse Calcaterra, 310-466-5135
jcalcaterra@cinedigm.com

cinedigm_logo.jpg

Source: Cinedigm Digital Cinema Corp.

Nov 2, 2018
Cinedigm Announces Key New Executive Hires in China
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Executives focused on Film/TV acquisitions and distribution to further China/North America content strategy

LOS ANGELES, Nov. 02, 2018 (GLOBE NEWSWIRE) -- Cinedigm (NASDAQ: CIDM) announced today they have created two new full-time positions based in China to further the Company’s efforts to increase the bilateral distribution of content and OTT streaming channels to China and North America. Kenny Miao, and Chun Chen, Cinedigm’s China Representatives, both played important consulting roles with Cinedigm over the past year as the Company began its aggressive expansion into China/North America content distribution. The China focus follows a significant investment in Cinedigm from leading Chinese private equity firm Bison Capitol and a subsequent strategic partnership with Starrise Media, an important Chinese content distribution player. With these two key players now on board as full-time executives, Cinedigm will have the complete benefit of Miao and Chen’s important input and expertise with content acquisitions, business processes, high level relationships and deal making in China.

Chun Chen has over two decades of experience working in the entertainment and communications fields, including at China's State Council Information Office, Chinadaily.com.cn, and China Center for International Communication Studies. Kenny Miao attended McGill University and the New York Film Academy, has been project manager with a major consumer electronics firm and has been involved in Chinese film and TV production for several years. Both executives have worked closely with Starrise Media and Bison Capital in China.

“It is no mystery that China represents the fastest growing media market in the world, but it is also often complicated to effectively navigate the unique business traditions and regulatory process there,” said Bill Sondheim, President of Cinedigm Entertainment Group. “Cinedigm has accomplished a great deal in China over the past year in large part due to the business expertise and understanding of key content attributes and requirements that we have gained through working with these local, experienced, connected and talented executives. We are thrilled to have them both join Cinedigm as full time executives.”

Cinedigm has already had success forging strategic relationships with China’s leading content producers and distributors, and the Company has already closed several key deals, with these hires expected to expedite additional efforts.

Following a majority investment by leading Chinese private equity firm Bison Capital in late 2017, Cinedigm announced a strategic alliance with leading Chinese entertainment company Starrise Media Holdings Limited (“Starrise Media”) to release films in China theatrically and to digital platforms there. Reciprocally, that alliance also paved the way for Cinedigm distribution of Chinese films in the North American marketplace. In addition to selectively releasing quality films theatrically, the Starrise strategic venture contemplates the release of hundreds of films into the home entertainment marketplaces in China and North America, with particular focus on digital platforms. In addition, the two companies are evaluating opportunities to jointly produce Chinese/American film co-productions to take further advantage of this groundbreaking alliance. Miao and Chun will be based in the Starrise offices in Beijing.

Last week, Cinedigm announced a partnership with Youku to distribute 30 original Chinese feature films in North America on all platforms including digital, physical DVD’s and BluRays, and across all OTT platforms, with a primary focus on major streaming platforms and niche outlets. The films will also be included in the recently announced China-focused North American OTT channel, Bambu, which Cinedigm is launching next year.

Earlier this year, the Company announced that it has partnered with Mark Yellen Productions and Rosenbloom Entertainment to produce a multi-season, programmatic series about renowned feminist and adventurer Emily Hahn, the prolific literary author who introduced exotic Shanghai and greater China to US audiences through her articles published in the New Yorker Magazine in the 1930s. The production will be available to US, International and China outlets and reinforces Cinedigm’s strong and expanding relationships in China. Currently, the group is bringing the series to showrunners, writers, and directors and expects to be in production in 2019. With plans to shoot on location in Shanghai and Hong Kong, the producers will take full advantage of Shanghai’s iconic Bund waterfront, which has one the richest collections of Art Deco architecture in the world.

Other deals that Cinedigm is finalizing include the broad license of current hit TV shows and movies from CITVC, the International Licensing arm of CCTV, China’s largest broadcaster. The Company is also finalizing deals with Shanghai Media Group, the largest Regional Production and Broadcaster in China, as well as CICC (China Intercontinental Communication Center) and expects to provide details of those agreements over the next several weeks.

Additionally, during the Beijing International Film Festival earlier this year, Cinedigm announced Chinese entertainment business cooperation agreements between Cinedigm and several new Chinese partners, including V1.CN, Ling He Culture Media (Shanghai) Co., Ltd., Youth Studio, and Emei Studio Group Co. Ltd. Following the festival, Cinedigm also signed a “Belt and Road Media” Cooperation Union with CICC whereby the companies agreed to work together to encourage film and television productions, to build a “belt and road” broadcasting network and to improve the quality and prosperity of the media industry in both our countries. Bambu is expected to be a key component of that effort.

About Cinedigm

For twenty years, Cinedigm has been at the forefront of the digital transformation of entertainment. Today, Cinedigm continues that mission by providing content, channels and services to the world’s largest media, technology and retail companies. Our content aggregation and distribution services power the world’s leading digital platforms and retailers. Cinedigm’s Digital Networks group provides channels and services that entertain consumers globally across hundreds of millions of devices. For more information about our content, channels and services, visit www.cinedigm.com.

Cinedigm™ and Cinedigm Digital Cinema Corp™ are trademarks of Cinedigm Corp. www.cinedigm.com.

Press Contact for CIDM:

Jill Newhouse Calcaterra

310-466-5135

jcalcaterra@cinedigm.com

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Source: Cinedigm Digital Cinema Corp.

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