Stock Alert: Cinedigm Surges

(RTTNews) - Shares of Cinedigm Corp. (CIDM), a leading provider of OTT entertainment networks and content, are up 180% after the company announced its partnership with Vewd, the world's largest smart TV OTT software provider. CIDM is currently trading at $3.79. It has traded in the range of $0.25- $6.00 in the past 52 weeks.

As part of the deal, Cinedigm's networks will be available on more than 300 million Smart TVs and connected devices made by top brands such as Sony, Samsung, Skyworth, Hisense, Philips, and TiVo, among others. Additionally, Cinedigm's networks will be available on more than 40 million new Vewd-powered devices shipping annually around the world.

"With Global ad-supported OTT revenues surging to $53 billion globally over the next five years, our focus is on rapidly expanding our distribution footprint to maximize growth," said Erick Opeka, President of Cinedigm Networks. "Vewd helps us dramatically expand the viewer base for our rapidly growing portfolio of OTT networks, which we expect to double over the next 18 months."