Cinedigm Announces Multi-Year Distribution Agreement With Starrise Media to Release Multiple Feature Films in China
October 21 2019 - 9:39AM
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 CINEDIGM
Since 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) Forbes
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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
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or conditions, which include words such as "expects,"
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defined by the Act. Forward-looking statements are based on current
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various risks, uncertainties and assumptions about Cinedigm, its
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Cinedigm does business, among other things. These statements are
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specific obligation or intention to update these statements after
the date of this release.
Contact
Cinedigm Jill Newhouse Calcaterra 310-466-5135
jcalcaterra@cinedigm.com
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