Shares of Cinedigm Corp. gained more than 5 percent Wednesday in the next trading session after the company announced a deal to distribute Chinese movies.
On Tuesday, the Sherman Oaks entertainment distributor announced an agreement with CMC Pictures, a financier and distributor of Chinese film and television shows. Under the deal, Cinedigm will release select titles from CMC Pictures’ slate, including recent Chinese theatrical hits, across ancillary channels such as DVD/Blu-Ray, digital and television in North America.
CMC Pictures represents high-profile Chinese productions, including “The Wandering Earth,” “Pegasus” and “Wolf Warrior II.” The first picture under the Cinedigm deal will be “The Road Not Taken” about an ostrich farmer who journeys across the Gobi Desert in hopes of reconciling with his estranged wife.
“CMC Pictures represents the highest caliber of Chinese productions across a wide range of genres and with cast recognizable to international audiences,” Yolanda Macias, Cinedigm’s executive vice president of acquisitions and digital sales, said in a statement. “We are excited to expand our library with these diverse films and to continue bringing entertaining Chinese-language titles to North American audiences.”
Shares of Cinedigm (CIDM) closed Wednesday up 10 cents, or nearly 5.4 percent, to $1.97 on the Nasdaq.