Cinedigm said that it agreed to pay $22 million to acquire Digital Media Rights, a streaming, advertising and content distribution company, according to a Securities and Exchange Commission filing that became available Friday.
DMR announced the transaction Thursday, but the purchase price was not disclosed.
According to the filing, the $22 million purchase price will consist of $8 million in chase and $14 million in Cinedigm Class A common stock.
The sellers were listed as DMR founder and CEO David Chu, Augustine Hong, Helen Hong, Michael Hong, Justin Lee, Steven Park and Kingsoon Ong.
The acquisition expands the number of streaming services Cinedigm has and the amount of content it has in its library.
The deal also puts Cinedigm in the ad sales business. DMR’s Ad Network & Marketplace generates more than 100 million connected TV impressions a month. ■
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.