Cinedigm Corp (NASDAQ: CIDM) is having an incredibly strong start day in the market today, and for good reason. The company announced a new partnership, exciting investors and sending the stock on a run for the top. Today, we’ll talk about:
- The partnership;
- what we’re seeing from CIDM stock as a result; and
- what we’ll be watching for ahead.
CIDM Announces Partnership
As mentioned above, Cinedigm is having a great day in the market today after the company announced a new partnership. In a press release, the company said that it entered into a partnership with China International TV Corporation.
Under the partnership, the company will bring 500 hours of popular chinese content to the United States for Bambu. Bambu is the Chinese content digital channel that CIDM plans on launching early next year. This partnership will help to start that launch with a bang as CITVC is one of the most powerful media groups in China.
In the release, CIDM said that the deal represents a cornerstone of its content strategy for the new channel. The company plans on providing hundreds of hours of the most popular and highly rated TV series seen in China as of late.
In a statement, Ms. Jianing, Shen, Executive President at CITVC and General Manager of China Radio, had the following to offer:
We are very glad to partner with Cinedigm to bring the Chinese reputable TV content to the US through Bambu. These 500 hours drama and documentary are the most well-known content in China, and they cover almost every aspect of China. When Cinedigm decides to select these contents, we are impressed by their expertise about the Chinese TV industry. By providing the content, we hope that the US audience could know more and understand more about China. CITVC would like to further strengthen the relationship with Cinedigm and continue bringing excellent TV content to the US audience together.
The above statement was followed up by Bill Sondheim, President at CIDM. Here’s what he had to say:
We are thrilled to be in a partnership with CITVC to bring China’s best and fresh storytelling to Bambu… These shows represent China’s newest and most watched shows, as well as shows that have been hugely popular in past, and several very innovative shows that have never been available in the US. We know this tremendous mix of content will attract the young American consumers we want on Bambu.
We recently announced the hiring of Kenny Miao as our China-based content executive and having him on the ground in China spearheading this deal was instrumental. He found us the best content for Bambu and we can’t wait to share it with US audiences.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. In the case of CIDM, the news proved to be overwhelmingly positive. After all, the new partnership will help to ensure that the launch of Bambu goes well. So, it’s not surprising to see that excited investors are pushing the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (12:57), CIDM is trading at $0.93 per share after a gain of $0.16 per share or 20.78% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on CIDM. In particular, we’re interested in following the continued work as the company gets closer to launching its Bambu channel. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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