Cinedigm Corp. shareholders have approved the sale of 20 million shares to Bison Entertainment Investment Ltd. in a deal valued at $30 million.
Through the deal Bison Entertainment, in Santa Monica, becomes the majority owner of Cinedigm, an independent content distributor in Sherman Oaks. Bison will have two of seven seats on Cinedigm’s board of directors.
Bison Entertainment is a subsidiary of Bison Holding Company Ltd., an investment firm in Hong Kong.
The transaction to sell the 20 million shares was originally announced in June. The shareholder approval was achieved on Aug. 31.
“We believe this transaction with Bison will be game changing for Cinedigm as it will create multiple significant financial, strategic and operational opportunities for the company,” Chief Executive Chris McGurk said in a prepared statement.
Shares in Cinedigm (CIDM) closed down 1 cent, or less than 1 percent, to $1.49 on the Nasdaq.