LOS ANGELES—Cinedigm has announced that it finalized the acquisition of FoundationTV and has created a new Indian-based division Cinedigm India.
Cinedigm also noted that it has integrated FoundationTV’s underlying technology portfolio with the Matchpoint digital distribution platform along with their software engineering teams into Cinedigm India.
The new division will serve as the Company’s engineering, research and development hub focused on next-generation video streaming technology and emerging technologies. As part of the acquisition, FoundationTV’s engineering team will join Cinedigm and will be responsible for further developing the combined platform’s capabilities.
The Cinedigm India team will also begin developing a global “umbrella” service that will allow Cinedigm to showcase its portfolio of more than 20 streaming channels and more than 15,000 hours of AVOD, SVOD & TVOD video content, the company reported.
The fully integrated platform will be used to expand the Company’s existing portfolio of streaming services while consolidating Cinedigm’s recent acquisitions like The Film Detective, Fandor and Screambox into one unified platform.
“This deal marks the beginning of Cinedigm’s global expansion with the entrance into the world’s fastest growing streaming market,” said Erick Opeka, chief strategy officer and president of Cinedigm Networks. “Not only will we have a world-class engineering hub, we will also have an incredibly experienced team of professionals with deep, intrinsic market knowledge that will accelerate the growth of our streaming initiatives.”
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