Movies

Cinedigm acquires New Video for $ 14 million

MUMBAI: Cinedigm Digital Cinema Corp., the global leader in digital cinema, has decided to acquire leading entertainment distributor New Video Group, Inc. for $14 million in upfront consideration. This in addition to the additional earn out potential of up to $6 million over three years tied to the future financial results of the Cinedigm Entertainment Group.


The upfront consideration will be paid with $10 million of cash from Cinedigm‘s balance sheet and $4 million of Cinedigm stock issued at the trailing 10 day volume weighted average price.
 
"Cinedigm is now a fully integrated distributor of independent films and specialty content," said Cinedigm Chairman and CEO Chris McGurk. "Over the past year, we have analyzed many companies in the digital distribution space for home and mobile entertainment and determined that New Video is the best partner for us. New Video‘s highly regarded management team, led by Susan Margolin and Steve Savage, is entrepreneurial, forward-looking and innovative
.
Their tremendous success in the ever-evolving digital space, combined with their expertise in content acquisition, sales and marketing and distribution of traditional packaged goods, puts them clearly ahead of the pack. Our new distribution capabilities will provide a unique, one stop end-to-end digital distribution solution for independent content providers and financiers. And for our shareholders, this accretive acquisition solidifies Cinedigm‘s stated goal to expand our low risk, high reward fee-for-service content distribution business to complement our industry leading VPF servicing and software businesses," he said.


The acquisition of New Video will create a new full service end-to-end digital releasing studio, enabling the Company to acquire and distribute independent films and specialty content both theatrically and through digital, mobile and home media platforms.

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