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Cinema services company Cinedigm has started to sell the first of its fleet of DCi projectors. It has agreed to sell 125 digital cinema projection systems. Cinedigm had previously sold 17 systems, so it has 'monetized' 142 of of the 3,724 systems the Company owns. The sale is to close on or about January 15, 2019.
Cinedigm outfitted thousands of cinema's with digital cinema systems, via a virtual print fee (VPF) formula, that spurred digital rollouts for the entire exhibition industry, and is now deployed across nearly 12,000 digital screens,
The Company is currently in the process of selecting an advisory firm with expertise in this area to monetize the remaining 3,582 equipment systems, it owns.
“We are very pleased to announce this important transaction,” said Gary Loffredo, President of Digital Cinema and General Counsel, Cinedigm. “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.”
Cinedigm led the entertainment industry initiative to convert movie theaters from 35mm analog projectors to digital projection technology. Cinedigm installed new 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 Company, and 142 of such systems have been sold or are contracted for sale to date.
Cinedigm outfitted thousands of cinema's with digital cinema systems, via a virtual print fee (VPF) formula, that spurred digital rollouts for the entire exhibition industry, and is now deployed across nearly 12,000 digital screens,
The Company is currently in the process of selecting an advisory firm with expertise in this area to monetize the remaining 3,582 equipment systems, it owns.
“We are very pleased to announce this important transaction,” said Gary Loffredo, President of Digital Cinema and General Counsel, Cinedigm. “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.”
Cinedigm led the entertainment industry initiative to convert movie theaters from 35mm analog projectors to digital projection technology. Cinedigm installed new 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 Company, and 142 of such systems have been sold or are contracted for sale to date.