A federal government committee will take no action on a deal involving a Hong Kong investment firm’s majority interest in entertainment content distributor Cinedigm Corp. in Sherman Oaks.

The decision by the Committee on Foreign Investment in the United States means that Bison Entertainment Investment Ltd. now holds 55 percent of common shares in Cinedigm and has named two of its directors to the Cinedigm board.

Bison Entertainment is a subsidiary of Bison Entertainment and Media Group, which is owned by Bison Capital Holding Co. Ltd. in Hong Kong.

The committee is a part of the U.S. Department of Treasury that reviews transactions that could result in control of a U.S. business by a foreign person.

Cinedigm Chief Executive Christopher McGurk said the company was pleased to receive the committee’s approval on the deal.

“The Bison transaction has strengthened our balance sheet and provided a strong partner with which to build our content distribution and (streaming) channel businesses in China, while further expanding those businesses in North America, the world's largest entertainment market,” McGurk said in a prepared statement.