Cinedigm Digital Cinema Corp. Closes Deal to Sell Digital Delivery Assets to Technicolor
Originally Announced in July, Technicolor Acquires Cinedigm's Digital Delivery Assets and Companies Enter Into Global Software Partnership
MORRISTOWN, NJ and WOODLAND HILLS, CA -- (MARKET WIRE) -- 11/10/11 --
Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), its wholly-owned subsidiary Access Digital Media, Inc., and Technicolor USA, Inc. have closed the sale for Technicolor to acquire certain assets of Cinedigm's physical and electronic distribution business, which also includes the global licensing of the Cinedigm digital distribution software platform. In connection with the transaction, Technicolor will become Cinedigm's exclusive content distribution partner and preferred partner for post production and other Technicolor services. In addition, Technicolor will work with Cinedigm on arrangements to support the development of next generation entertainment industry software.
"It has been a pleasure working with Technicolor's strong management team, including Claude Gagnon, Curt Behlmer and Dave Elliott, to close this deal," said Chris McGurk, Chairman and CEO of Cinedigm. "Technicolor is highly respected in the delivery business, with strong customer relationships both domestically and internationally, and we are thrilled that this deal is finalized and they will now be our strategic partner to expand our software and content distribution businesses faster and more effectively."
Initially announced on July 27, 2011, the deal closed November 10, 2011.
ABOUT CINEDIGM: Cinedigm is a leader in providing the services, experience, technology and content critical to transforming movie theaters into digital and networked entertainment centers. The Company partners with Hollywood movie studios, independent movie distributors, and exhibitors to bring movies in digital cinema format to audiences across the country. Cinedigm's digital cinema deployment organization, state of the art distributor and exhibition software, and marketing and distribution platform for alternative content and independent films, are a cornerstone of the digital cinema transformation. Cinedigm™ and Cinedigm Digital Cinema Corp.™ are trademarks of Cinedigm Digital Cinema Corp www.cinedigm.com [CIDM-G]
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Source: Cinedigm Digital Cinema
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