Cinedigm Corp (NASDAQ: CIDM) received the notice from the lender of the company’s PPP (Paycheck Protection Program) that (SBA) the U.S. Small Business Administration approved the forgiveness of the PPP loan worth $2.2 million.
Financial support during the pandemic: Pandemic has badly hit many small and medium enterprises and made life difficult for the sustainability of the business operations. In this crucial time, Cinedigm has received the notice for the forgiveness of the Paycheck Protection Program worth $2.2 million. The East West Bank has applied for the funds and paid the interest and principal of PPP in full. With the payoff of the debt or deleveraged balance sheet, management believes that the company has moved into a solid financial position with no debt and can focus on streamlining its business operations, which means growing its streaming business.
Launches channels: The company is a vital player in the entertainment industry (digital transformation). Cinedigm entertains millions of consumers globally by giving premium content, technology services, and streaming channels to the media, technology, and retail companies. The company recently announced that three of their most popular channels can now be accessed on YouTube TV as optional add-ons. YouTube TV is a live TV streaming service with over 3 million subscribers. The company’s launched Dove Channel, pop culture powerhouse CONtv and documentary destination Docurama, is a premium network trio. As per the company, each channel will be available to the subscriber for $4.99/month. Management believes that digital broadcasting is the way to go, as it has found a way to function as per the subscriber terms. The company is excited to expand the footprints of its streaming channels and introduce new channels. The company is looking to expand its channel further to the YouTube TV lineup of add-ons over the next few months. Cinedigm aims to provide its viewer with content with the ease of technology as the streaming industry continues to grow.