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Cinedigm Buys Stake in Chinese Entertainment Company

Cinedigm Corp. announced Thursday its intention to buy a 29 percent stake in a Chinese entertainment production company. Cinedigm, in Sherman Oaks, and Starrise Media Holdings Ltd. have worked together previously on bringing Chinese content to the U.S and in November announced a deal to release films theatrically, via broadcast television and on digital platforms in China. Cinedigm Chief Executive Chris McGurk called the latest transaction a transformative one for Cinedigm. “It is a key step in our plan to become the first true North America/China studio, uniquely well positioned over the long term to distribute premium film and TV content and launch high-growth streaming channels in the two biggest and most important entertainment markets in the world,” McGurk said in a statement. “It will also enhance our efforts to rapidly build our fast-growing (streaming) business.” The all-stock purchase is expected to close in the first quarter of next year. Shares of Cinedigm (CIDM) closed Thursday up 1 cent, or about 1.4 percent, to 80 cents on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.
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