Benzinga | Mar 16, 2021 12:03PM EDT

Cinedigm Acquires Films Around the World Content Library For Undisclosed Sum

Cinedigm Corp (NASDAQ: CIDM) announced the acquisition of the Films Around the World, Inc (FATW) content library. The financial terms of the transaction were not disclosed.

* The FATW library with over 150 feature films and 500 hours of audio programs would offer content to Cinedigm's growing streaming channel initiatives. Additionally, the FATW library included remake rights to over 150 feature films.

* Cinedigm planned to increase its footprint via digital distribution competency and numerous transactional digital partners in addition to the advertising-video-on-demand (AVOD) and subscription-video-on-demand revenues, as per Chief Content Officer Yolanda Macias.

* Cinedigm's cash and cash equivalent amounted to $26.2 million as of December 31, 2020.

* Price action: CIDM shares are trading lower by 4.48% at $1.28 on the last check Tuesday.