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New Brand Marks the Transformation to a Pure-play Streaming Entertainment Content and Technology Company Reimagining the Entertainment Experience
LOS ANGELES, May 22, 2023 /PRNewswire/ -- Cinedigm Corp. (NASDAQ:CIDM) today announced it is rebranding to Cineverse, a global streaming technology and entertainment company with one of the world's largest portfolios of owned and operated streaming channels.
Along with the corporate name change to Cineverse Corp., the Company's stock symbol will also change from CIDM to CNVS; its shares will commence trading on the NASDAQ Capital Market under the new stock symbol "CNVS" at the market opening on May 23, 2023. All stock trading, filings and market-related information will be reported under the new stock symbol going forward.
The corporate name change is an important step forward in the Company's evolution into a streaming content and technology company – focused on transforming the way people discover and interact with a universe of films, television series and other streamed content all bound together by compelling and innovative storytelling.
Chris McGurk, Chairman and CEO of Cineverse, stated, "We have come a very long way from the Cinedigm of 10 years ago, which specialized in digital innovation within the cinema industry. Today we officially turn the page to become Cineverse, a pure-play business in the exciting and dynamic streaming content and technology space. Our mission is to give audiences a level of access like never before to the vast universe of film and television entertainment through the power of our proprietary technology and the breadth of our content offerings. We plan to continue expanding our media library, currently at over 60,000 titles and growing rapidly, so that we have more compelling content and streaming channels to offer audiences than any other player in the entertainment business. Our recent investments and acquisitions have enabled us to become a leader across multiple entertainment genres, spanning Anime and Asian entertainment, to faith & family, horror, independent film and many other genres."
McGurk continued, "Having now fully moved beyond our legacy digital cinema business at the end of our last fiscal year ended March 31, 2023, we believe a new company name more accurately reflects our business and brand as it stands today – a leading brand at the intersection of entertainment and innovation. We believe our expanding media library and proprietary Matchpoint® streaming technology and content distribution platform will allow us to transform the way people interact with the stories they love and bring a growing universe of compelling content and channels to the broadest audience possible. While the big studio gatekeepers and our competitors continue to reduce their content catalogs, we plan to open the doors they are closing to audiences and the creative community by providing the widest and most diverse selection of content and channels ever, complemented by the best discovery and user experience in all of streaming."
Posted In: CIDM
