Cinedigm Corp. (NASDAQ: CIDM) announced a stock repurchase program to buy back up to 10 million shares of its Class A common stock. This initiative, approved by the Board of Directors, aims to enhance shareholder value and reflects management's confidence in the company's future. The repurchases can occur via open market transactions or negotiated deals and will conclude by March 1, 2024. Chairman and CEO Chris McGurk emphasized that this program represents a strategic investment opportunity, reinforcing the belief that the company's stock is currently undervalued.
Cinedigm (NASDAQ: CIDM) has announced a strategic acquisition of Dove.org and Christian Cinema from Giving Company, enhancing its position as a leading provider of Faith & Family content. This move aims to consolidate their existing Dove Channel and provide a comprehensive entertainment solution across various platforms. The Faith & Family market is projected to exceed $1.5 billion annually in North America, with a growth rate of 20% CAGR through 2027. The acquisition is expected to generate immediate revenue and expand Cinedigm's offerings significantly, providing a robust platform for family-friendly content.
Cinedigm (NASDAQ: CIDM) has announced a contract extension with the NFL to continue distributing the Super Bowl LVII Championship film featuring the Kansas City Chiefs. Set to release digitally on March 3 and on Blu-Ray on March 14, this film celebrates the Chiefs' thrilling 38-35 victory over the Philadelphia Eagles, marking their third Super Bowl win. The film includes exclusive content, interviews, and behind-the-scenes footage, appealing to fans. Cinedigm's Chief Content Officer expressed pride in their relationship with the NFL and excitement for fans to relive the remarkable season.
Cinedigm has acquired all North American rights to the horror film Pensive from the European Film Market. The film follows privileged high school classmates whose wild graduation party leads to deadly consequences. Slated for release as a SCREAMBOX Original later this year, Pensive aims to attract horror fans on SCREAMBOX, which is backed by Bloody Disgusting. Produced by Emilija Sluskonyte and premiered at the Tallinn Black Nights Film Festival, the film represents Cinedigm's commitment to expanding its horror genre offerings. With SCREAMBOX featuring a diverse content library, this acquisition may enhance subscriber engagement and viewership.
Cinedigm Corp. (NASDAQ: CIDM) reported strong financial results for Q3 FY2023, with total revenues of $27.9 million, a 98% increase from the prior year. Net income reached $4.9 million, marking a 1,139% rise, and earnings per share improved to $0.03, up 100%. The company achieved an adjusted EBITDA of $5.1 million, a 279% increase. The streaming revenue also rose 63% to $8.9 million, driven by significant growth in both ad-supported and subscription revenues. Cinedigm's subscriber base expanded to over 1.2 million as they aim for sustainable profitability.
The Outwaters, a horror film produced by Cinedigm, will be available for digital streaming on SCREAMBOX starting February 17. Described as a fresh take on horror, it has received notable recognition, including being a New York Times Critic's Pick and a 71% rating on Rotten Tomatoes. Critics praise its gripping narrative and unsettling effects, which reportedly triggered anxiety in viewers during its theatrical release. The film, directed by Robbie Banfitch, features original music by Salem Belladonna and tells the story of four travelers experiencing a harrowing camping trip. For more details, visit the official trailer link.
Cinedigm Corp. (NASDAQ: CIDM) has announced a partnership with ROW8 to enhance its Cineverse streaming service. This integration allows users to rent premium movies, including recent releases still in theaters, on a transactional basis. Notable films available include Black Panther: Wakanda Forever and M3GAN. The collaboration expands Cineverse's content offering to over 2,000 titles and supports various viewing platforms. Cinedigm aims to create a compelling streaming experience, competing with industry giants by providing early access to sought-after content.
Cinedigm's horror streaming service, SCREAMBOX, has witnessed remarkable growth with a 900% increase in subscriptions since its acquisition nearly two years ago. The service's horror catalog has expanded by 322%, featuring breakout hits like Terrifier 2 and Pennywise: The Story of IT. In 2022, SCREAMBOX added over 550 new films and saw a 144% increase in subscribers following the exclusive release of Terrifier 2. The company plans to release 30 original and exclusive titles in 2023 and has launched a podcast network with 25 horror podcasts. SCREAMBOX aims to further strengthen its position in the horror genre.
Cinedigm Corp (NASDAQ: CIDM) will announce its financial results for Q3 FY 2023, ending December 31, 2022, on February 14, 2023, after market close. A live conference call will follow at 4:30 p.m. ET for investors, with details available via webcast or phone. Investors can access the call by dialing 1-844-200-6205 (North America) or +1-929-526-1599 (international) using access code 358413. A replay of the call will be posted on Cinedigm's website approximately one hour post-call.
Cinedigm (NASDAQ: CIDM) has partnered with the George A. Romero Foundation to co-produce a new scripted audio series, The Dead, expanding the Night of the Living Dead universe. The series will consist of 24 episodes, showcasing fresh stories and a full cast, and will be distributed via the Cinedigm Podcast Network. The application process for writers will be managed by the George A. Romero Foundation, ensuring high-quality storytelling. This initiative aims to honor Romero's legacy while promoting new horror writers. Cinedigm's podcast network boasts over four million downloads monthly, reflecting its growing presence in the audio entertainment space.