December 19, 2018
Before Cinedigm became a home entertainment distributor and over-the-top video provider, it marketed a proprietary brand of digital projections for theatrical exhibitors.
The company Dec. 19 announced it entered into an agreement for the sale of 125 digital cinema projection systems. The sale for an undisclosed amount represents another step in the monetization of the 3,724 projectors Cinedigm owns. The distributor previously sold 17 systems and expects to close the current sale by Jan. 15, 2019.
Cinedigm, which is majority owned by Chinese investors, at one time spearheaded an industry initiative to convert movie theaters from 35mm analog projectors to digital projection technology.
It installed digital projection systems for 12,688 theater screens, with 382 exhibitor partners in multiple territories worldwide. In total, 3,724 of those systems were owned by the Cinedigm, and 142 of such systems have been sold or are contracted for sale to date.
“We are evaluating international and domestic opportunities to monetize our additional owned projection systems and look forward to sharing more news on this front in the near future,” Gary Loffredo, president of digital cinema and general counsel, said in a statement.