Cinedigm (NASDAQ: CIDM) has announced the complete elimination of its debt, having paid off a remaining loan of approximately $3.5 million as of July 9, 2021. This follows a significant reduction from nearly $49 million at the end of the last fiscal year. The repayment was facilitated by revenue from the sale of digital cinema equipment. This strong debt-free status positions Cinedigm to enhance its streaming business and pursue an acquisition strategy effectively.
Cinedigm Corp. (NASDAQ:CIDM) reported a strong preliminary performance for the fourth quarter ended March 31, 2021. Key highlights include a 197% year-over-year increase in streaming revenues, totaling $8.3 million in consolidated revenues. The ad-supported streaming channel revenues surged 331%, while subscription revenues rose 117%. The company reduced its debt significantly by $37.3 million to $11.9 million. Cinedigm also executed several strategic acquisitions, including Fandor and Screambox, expanding its content library to over 6,591 titles.
Cinedigm (NASDAQ:CIDM) has appointed Jennifer Soltesz as the new Vice President of Business Development & Strategy, effective July 13, 2021. Soltesz, who previously held the position of Director of Content Distribution at EPIX, will lead new partnership engagements for the Digital Networks group. Her role emphasizes collaboration across departments to identify and manage partnership opportunities, aiming to enhance Cinedigm's digital business growth. This strategic hire is expected to strengthen the company's competitive position in the evolving streaming market.
Cinedigm (NASDAQ: CIDM) announced the full forgiveness of approximately $2.2 million from its Paycheck Protection Program (PPP) loan, including accrued interest. This approval came from the U.S. Small Business Administration and was executed by East West Bank, the loan's lender. Cinedigm's President, Gary Loffredo, expressed gratitude for the CARES Act support, emphasizing that this financial relief positions the company with virtually no debt and a robust streaming business.
Cinedigm (NASDAQ:CIDM) announced that three of its popular streaming channels are now available as add-ons on YouTube TV, which has over 3 million subscribers. The channels include Docurama, Dove Channel, and CONtv, each priced at $4.99/month. This expansion aims to introduce Cinedigm's content to a new audience, emphasizing its strategy to enhance its streaming portfolio and reach more viewers. The company plans to launch additional channels on YouTube TV in the coming months.
Cinedigm Corp. (NASDAQ:CIDM) will announce its financial results for the fourth quarter and full year ending March 31, 2021, on July 14, 2021, after market close. A conference call will follow the same day at 4:30 pm ET to discuss these results. Investors can access the call via the company's website or by dialing the provided numbers. Cinedigm has been a leader in digital entertainment for over 20 years, serving enthusiast fan bases globally. For further details, visit Cinedigm's website.
Cinedigm announces the promotion of Tony Huidor to Chief Technology & Product Officer. Huidor, who has been with the company since 2015, played a key role in launching and managing digital-first channels and developing Cinedigm’s proprietary Matchpoint distribution platform. His new responsibilities include overseeing operations in India and Southeast Asia and accelerating the company's technological advancements.
CEO Chris McGurk emphasized Huidor's leadership in expanding Cinedigm's streaming services and channels, further establishing the company as a key player in the entertainment industry.
Cinedigm has announced the upcoming launch of The Elvis Presley Channel, an exclusive ad-supported streaming service dedicated to Elvis Presley and influential rock artists. Set to launch in early 2022, the channel will feature archival content, specials, and documentaries about Elvis and his musical impact. It will be available in the U.S. and Canada across various platforms, including Roku and Hulu. Cinedigm aims to attract a new demographic within the rapidly growing AVOD sector, continuing its expansion in the legacy entertainment space.
Cinedigm Corp. (NASDAQ:CIDM) will join the Russell Microcap® Index effective June 28, 2021, as part of the annual reconstitution. This membership, valid for one year, signifies growth in Cinedigm’s streaming business and is expected to enhance visibility to institutional investors, potentially increasing stock liquidity. Russell indexes are widely utilized for investment benchmarks, with approximately $10.6 trillion in assets linked to these indexes, reflecting Cinedigm’s integration into a significant investment landscape.
Cinedigm (NASDAQ:CIDM) has announced a partnership with The Country Network to expand its streaming distribution strategy. This collaboration aims to enhance access to country music fans across the U.S. and generate new revenue through FAST and AVOD offerings. TCN is currently available in over 51 markets, reaching 40 million households. The partnership enhances Cinedigm's portfolio, which includes multiple enthusiast channels and services. TCN is noted for its high-quality 4K original programming and a loyal audience that consumes an average of 3.6 hours per session.