Cinedigm Corp. (NASDAQ: CIDM) operates as a distributor and aggregator of independent movies, television, and other short-form content, primarily in the United States. Shares jumped 18.18% on Monday, December 4, 2018. Over the past three months, Cinedigm has seen an average daily volume of 102,800 shares. However, on Monday, 3,801,711 shares exchanged hands, equating to nearly $3.5 million in dollar volume.
Shares surged Monday after Cinedigm announced it has entered into a partnership with China International TV Corporation (CITVC) to bring over 500 hours of popular Chinese content to the US. The content will feature on Bambu, the Chinese digital channel that Cinedigm will launch in early 2019. The deal includes distribution rights to some of China’s most-watched television programs from the past several years, including “Journey to the West,” the most watched show in Chinese television history. “By providing the content, we hope that the US audience could know more and understand more about China. CITVC would like to further strengthen the relationship with Cinedigm and continue bringing excellent TV content to the US audience together,” said Ms. Jianing Shen, the Executive President of CITVC and the General Manager of China Radio, Film & Television Programs Exchanging Center. Here is the full press release detailing the new partnership:
Cinedigm Corp. Press Release:
LOS ANGELES, Dec. 04, 2018 (GLOBE NEWSWIRE) — Cinedigm (CIDM) announced today a partnership with China International TV Corporation to bring over 500 hours of popular Chinese content to the US through Bambu, the Chinese content digital channel that Cinedigm will launch in early 2019. CITVC is one of the most powerful media groups in China.
This groundbreaking deal represents a cornerstone of Cinedigm’s content strategy for Bambu, providing hundreds of hours of the most popular and highly rated TV series seen in China recently. The deal includes distribution rights to content including Nirvana in Fire, the most popular show in China in 2015, A Bite of China, the most popular documentary series in recent years, Journey to the West, the most watched show in Chinese television history, and The Advisors Alliance and Diamond Lover, a current hit series in China. The vast majority of the CITVC will be dubbed into English.
“We are very glad to partner with Cinedigm to bring the Chinese reputable TV content to the US through Bambu. These 500 hours drama and documentary are the most well-known content in China, and they cover almost every aspect of China. When Cinedigm decides to select these contents, we are impressed by their expertise about the Chinese TV industry. By providing the content, we hope that the US audience could know more and understand more about China. CITVC would like to further strengthen the relationship with Cinedigm and continue bringing excellent TV content to the US audience together,” said Ms. Jianing Shen, the Executive President of China International TV Corporation (CITVC) and the General Manager of China Radio, Film & Television Programs Exchanging Center (CHNPEC).
“We are thrilled to be in a partnership with CITVC to bring China’s best and fresh storytelling to Bambu,” said Bill Sondheim, president of Cinedigm Entertainment Group and International Distribution. “These shows represent China’s newest and most watched shows, as well as shows that have been hugely popular in past, and several very innovative shows that have never been available in the US. We know this tremendous mix of content will attract the young American consumers we want on Bambu.”
Sondheim continued, “We recently announced the hiring of Kenny Miao as our China-based content executive and having him on the ground in China spearheading this deal was instrumental. He found us the best content for Bambu and we can’t wait to share it with US audiences.”
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, and Cinedigm’s Digital Networks group provides entertainment channels and services that delight consumers globally across hundreds of millions of devices. For more information, visit www.cinedigm.com.
Article By: Andrew Rego