The share price of Cinedigm Corp. soared Thursday after the company announced a partnership with streaming software developer Vewd to offer its networks on Vewd-enabled devices worldwide.
The move by the Sherman Oaks entertainment content distributor expands its global footprint with special emphasis in Europe, Latin America and Asia.
As part of the agreement with Vewd, in Oslo, Norway, Cinedigm’s networks will be available on an install base of more than 300 million smart televisions and connected devices made by Sony, Samsung, Philips, TiVo and others. The networks will also be available on more than 40 million new Vewd-powered devices shipped annually.
Among the initial networks from Cinedigm that will be accessible through Vewd are standup comedy channel Comedy Dynamics; the Bob Ross Channel, featuring shows from the late “Joy of Painting” host; and premium documentary network Docurama.
“Vewd’s worldwide reach presents an invaluable opportunity for Cinedigm by allowing us to grow our distribution footprint even further as the ad-supported market continues to mature internationally,” Tony Huidor, general manager of digital networks at Cinedigm, said in a statement.
Shares of Cinedigm (CIDM) closed up $2.32, or about 177 percent, to $3.63 on the Nasdaq, on a day when that market closed down 0.7 percent.