Benzinga | Feb 12, 2021 11:57AM EST

Cinedigm Expands Into Horror Genre With Screambox Acquisition

* Cinedigm Corp. (NASDAQ: CIDM) acquired streaming service Screambox, which has been touted as the horror streaming substitute of Netflix Inc (NASDAQ: NFLX) by Tech Times. The financial terms of the acquisition remain undisclosed.

* The horror genre raked $1.1 billion in box office revenue in 2019 and an estimated $2.3 billion in worldwide revenues.

* It aims to expand the Screambox distribution to its subscription channel partners, including Roku Inc (NASDAQ: ROKU), Comcast Corp (NASDAQ: CMCSA), SlingTV, DISH Network Corp (NASDAQ: DISH).

* The acquisition follows Cinedigm's Fandor acquisition, termed as the Netflix of independent film by the Wall Street Journal.

* Cinedigm's negative operating cash flow stood at $12.8 million as of September 30, 2020. Closing cash and cash equivalents amounted to $16.5 million.

* It recently raised $7 million in a secondary offering for debt repayment and funding acquisitions.

* Price action: CIDM shares are up 3.37% at $1.995 on the last check Friday.