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Cinedigm (NASDAQ:CIDM) announced that it will be acquiring Future Today, a media and technology company with over 700 channels and 60 million app downloads for $45 million in cash and $15 million in Cinedigm common stock. In 2018, Future Today reported a 150 percent revenue increase, totalling an estimated $23.9 million in annual revenue. As quoted in …
Cinedigm (NASDAQ:CIDM) announced that it will be acquiring Future Today, a media and technology company with over 700 channels and 60 million app downloads for $45 million in cash and $15 million in Cinedigm common stock. In 2018, Future Today reported a 150 percent revenue increase, totalling an estimated $23.9 million in annual revenue.
As quoted in the press release:
“Building our stake in the rapidly surging AVOD business is a top priority for Cinedigm, and the acquisition of Future Today instantaneously transforms our Company into the world’s largest provider of premium AVOD content by adding an established, fast growing and active platform that includes a high volume of some of the most highly sought-after premium OTT programming,” said Chris McGurk, Cinedigm Chairman and CEO. “Just as important, the technology and distribution assets we will gain will provide us with immediate launch points for expansion into China and India. Future Today’s low-cost production assets combined with our low-risk, co-production model will enable us to provide exclusive, original premium content more quickly and with less risk than our competitors. This acquisition will be a key go-forward catalyst as we near the contractual end of our Cinema Equipment operations. We will continue with our plans to sell cinema equipment to our theater partners, as evidenced by the recent sales of projection systems, and we will continue to further streamline our entertainment distribution business. We are very pleased to welcome Alok, Vikrant and the entire Future Today team to Cinedigm.”
Click here to read the full press release.