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Why Cinedigm Shares Are Soaring Today

TheMotleyFool

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Shares of Cinedigm (NASDAQ: CIDM) rose sharply on Thursday, following a strategic buyout and an extremely bullish analyst report. The stock was 36.1% higher at 1:10 p.m. EST today.

Cinedigm, a producer and distributor of entertainment content with a deep focus on digital cinema and video-streaming channels, acquired independent-film distributor Fandor earlier this week. Just before Christmas, the company also picked up classic film and TV streamer The Film Detective. These two deals added 7,600 movies and more than 10,000 TV series episodes to Cinedigm's library, as well as The Film Detective's two streaming services.

Image source: Getty Images.

Source Fool.com

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