Cinedigm (CIDM) Stock Gains In Multiples On Partnership News

Cinedigm CIDM Stock News

Cinedigm Corp (NASDAQ: CIDM) is rocketing in the market this morning, trading on gains of more than 200% in the premarket hours. The gains come after the company announced a partnership, leading to excitement and triggering a short squeeze. Here’s the scoop:

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CIDM Stock Rockets On Partnership

Cinedigm said in a press release that it has partnered with Vewd. According to the release, Vewd is the world’s largest Smart TV OTT software provider.

As part of the partnership, the company’s portfolio of streaming entertainment networks will be offered on Vewd-enabled devices around the world. As such CIDM networks will be available on more than 300 million Smart TVs and connected devices across several brands. In fact, these channels will be on brands like Sony, Samsung, Skyworth, Hisense, Philips, and TiVo.

Moreover, the company said that its networks will be available on more than 40 million new Vewd-powered devices that ship annually around the world. In the release, the company said that the first channels to be rolled out by Vewd include:

  • Comedy Dynamics: Comedy dynamics features the top names in comedy and is touted as the world’s largest collection of stand-up comedy.
  • The Bob Ross Channel: This channel features the iconic The Joy of Paiting series made by painter, art instructor, and TV host, Bob Ross.
  • Docurama: Docurama features premium documentaries on arts, politics, science, music & history, and more.

In a statement, Tony Huidor, General Manager of Digital Networks at CIDM, had the following to offer:

Vewd is the perfect partner for Cinedigm, as both companies have a common goal to entertain viewers through high-quality programming, now more than ever, as more viewers seek out free alternatives to established Pay-TV services. Vewd’s worldwide reach presents an invaluable opportunity for Cinedigm by allowing us to grow our distribution footprint even further as the ad-supported market continues to mature internationally.

The above statement was followed up by Erick Opeka, President at CIDM. Here’s what he had to say:

With Global ad-supported OTT revenues surging to $53 billion globally over the next five years, our focus is on rapidly expanding our distribution footprint to maximize growth. Vewd helps us dramatically expand the viewer base for our rapidly growing portfolio of OTT networks, which we expect to double over the next 18 months.

This News Is Huge

The news issued today is massive. Ultimately, Cinedigm is going to see an immediate growth in captured audience. Think about it, the reach and distribution of Vewd-enabled televisions is massive. Between enabled devices and Vewd brand devices, more than 340 million devices will feature CIDM streaming products.

Ultimately, the potential growth in revenue brought about by this partnership is incredible, making CIDM a stock that’s worth being on the watchlist.

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