{"id":5279,"date":"2013-10-22T00:00:00","date_gmt":"2013-10-22T00:00:00","guid":{"rendered":"http:\/\/worldscreen.com\/tvusa\/2013\/10\/22\/gaiam-completes-sale-of-entertainment-distribution-business\/"},"modified":"2013-10-22T00:00:00","modified_gmt":"2013-10-22T00:00:00","slug":"gaiam-completes-sale-of-entertainment-distribution-business","status":"publish","type":"post","link":"https:\/\/worldscreen.com\/tvusa\/gaiam-completes-sale-of-entertainment-distribution-business\/","title":{"rendered":"Gaiam Completes Sale of Entertainment Distribution Business"},"content":{"rendered":"<p>\n\tBOULDER: Gaiam has completed the sale of its entertainment-distribution arm, <span class=\"st\">Gaiam Vivendi Entertainment, <\/span> to Cinedigm Corp. for $51.5 million, plus an additional cash consideration.<\/p>\n<p>\n\tThe adjustment for closing net working capital is expected to total approximately $5 million to $7 million, Gaiam said today. The company is remaining focused on its health and wellness business, including fitness media content and products and Gaiam TV, a streaming service delivering more than 5,000 exclusive video titles.<\/p>\n<p>\n\tFor Cinedigm, the acquisition of GVE, which has a slew of home-entertainment distribution deals with content companies in the U.S., is intended to bolster its positioning as a leading distributor of independent film, TV and digital content across multiple platforms. Cinedigm says the combined company will be the largest aggregator and distributor of independent content and the fourth-largest distributor of non-theatrical DVDs and Blu-ray discs in the U.S., with annual sales exceeding $320 million from both physical products and digital sales. It will also house a library of digital distribution rights covering more than 32,000 titles and episodes.<\/p>\n<p>\n\t&ldquo;This acquisition of GVE gives Cinedigm immediate scale and leverage across the entire entertainment value chain,&quot; said Cinedigm&#039;s chairman and CEO, Chris McGurk. &quot;The combination of GVE&rsquo;s deep stable of consumer-friendly brands and unique direct retail relationships, paired with Cinedigm&rsquo;s tremendous strength in the rapidly evolving digital distribution space as well as our theatrical releasing and over-the-top network businesses, creates a powerful and game-changing entity poised to take full advantage of the content distribution revolution.&quot;<\/p>\n<p>\n\tBill Sondheim, GVE&#039;s president, will join Cinedigm as president of the Cinedigm Entertainment Group (CEG), reporting to McGurk and COO and CFO Adam Mizel. &quot;I have known Chris for many years, having previously worked for him at Polygram Entertainment, and look forward to growing Cinedigm&rsquo;s entertainment business with him and the entire Cinedigm team. Cinedigm&rsquo;s industry-leading digital platform, film releasing business and emerging networks initiative, enhanced by GVE&rsquo;s direct physical goods, digital platform, retail relationships and brands, will make CEG an even more powerful and unique competitor in our evolving industry.&rdquo;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BOULDER: Gaiam has completed the sale of its entertainment-distribution arm, Gaiam Vivendi Entertainment, to Cinedigm Corp. for $51.5 million, plus an additional cash consideration. The adjustment for closing net working capital is expected to total approximately $5 million to $7 million, Gaiam said today. The company is remaining focused on its health and wellness business, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[],"class_list":["post-5279","post","type-post","status-publish","format-standard","","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gaiam Completes Sale of Entertainment Distribution Business<\/title>\n<meta name=\"description\" content=\"Gaiam Completes Sale of Entertainment Distribution Business. BOULDER, October 22: Gaiam has completed the sale of its entertainment-distribution arm, Gaiam Vivendi Entertainment, to Cinedigm Corp. for $51.5 million, plus an additional cash consideration.. 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