Cinedigm Agrees to Purchase 29% Stake in Leading Chinese Entertainment Company Starrise Media
Cinedigm Corp - Class A (CIDM)
Last cinedigm corp - class a earnings: 2/13 04:05 pm
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Source: GlobeNewswire
LOS ANGELES, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Cinedigm Corp. (NASDAQ: CIDM) today announced the Company has signed a non-binding letter of intent to buy approximately 29% of the outstanding current common shares in leading Chinese entertainment company Starrise Media Holdings Limited (Starrise) (1616. HK) from existing holders. Cinedigm and Starrise have previously agreed to distribute Chinese entertainment content in North America and to release non-Chinese entertainment content in China theatrically and on digital platforms. Cinedigm will purchase approximately 29% of Starrise’s current common shares from two major Starrise shareholders in exchange for shares of Cinedigm’s Class A common stock. This all-stock purchase will be based on the trailing volume weighted average prices of Cinedigm and Starrise common stock over a time period to be determined by the parties to the transaction. This proposed transaction follows the significant investment in Cinedigm by Bison Capital, a C
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