Cinedigm Announces Multi-Year Distribution Agreement With Starrise Media to Release Multiple Feature Films in China
LOS ANGELES, Oct. 21, 2019 (GLOBE NEWSWIRE) — Cinedigm Corp. (NASDAQ:CIDM) today announced a new distribution agreement with leading Chinese entertainment company Starrise Media Holdings Limited (“Starrise Media”) to release films in China theatrically, via broadcast television and to digital platforms. The two companies have worked together previously on bringing Chinese content to the US.
The initial focus of the alliance will be on new premium feature films, with goal of five to ten films distributed into China per year.Starrise is a public company listed on the main board of the Stock Exchange of Hong Kong Limited (stock code: 01616). It mainly invests in film, television and other short form content. Starrise distributes film content theatrically and to all key media platforms in China and is committed to significantly growing its investment in entertainment content for the rapidly expanding Chinese theatrical and digital marketplaces.Through this agreement, Cinedigm will be one of a select few American companies with access to the lucrative Chinese theatrical market, where US-produced content generated $3.26 billion dollars at the box office from just 64 releases in 2017 (1).“We are very pleased to be expanding our strategic alliance with Starrise with this important new film deal,” said Chris McGurk, Cinedigm Chairman and CEO. “We believe there is a huge market for our feature films in China and look forward to bringing our premium content to Chinese audiences.”“We are excited to be working with Cinedigm on this key new initiative. We know their films will resonate with our Chinese audiences,” said Hanks He, Executive Director of Starrise Media. “We look forward to great success with Cinedigm in the Chinese marketplace.”“In the US, we have had great success with action, thrillers and family films and are certain we will have the same success with these films in China,” said Yolanda Macias, Cinedigm’s Executive Vice-President of Acquisitions.The partnership with Starrise Media follows the significant investment in Cinedigm by Bison Capital, a China-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.Leveraging its unique OTT and independent content distribution capabilities, Cinedigm has been 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.ABOUT CINEDIGMSince inception, Cinedigm (NASDAQ: CIDM) has been a leader at the forefront of the digital transformation of content distribution. Adjusting to the rapidly transforming business needs of today’s entertainment landscape, Cinedigm remains a change-centric player focused on providing content, channels and services to the world’s largest media, technology and retail companies. Cinedigm’s Content and Networks groups provide original and aggregated programming, channels and services that entertain consumers globally across hundreds of millions of devices. For more information, visit www.cinedigm.com.Cinedigm™ and Cinedigm Digital Cinema Corp™ are trademarks of Cinedigm Corp. www.cinedigm.com. [CIDM-G](1) ForbesSafe Harbor StatementInvestors and readers are cautioned that certain statements contained in this document 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 completion of the transactions described in this document, 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.ContactCinedigm
Jill Newhouse Calcaterra