Cinedigm Announces $5 Million Share Repurchase Program

Cinedigm Corp. (CIDM) today announced that its Board of Directors has approved a stock repurchase program authorizing the Company to repurchase up to an aggregate of $5 million of its outstanding Class A common stock.

"The authorization of a stock repurchase program reflects the Board and management team's confidence in Cinedigm's long-term strategy and growth prospects as well as a commitment to delivering increased value and returning capital to stockholders," said Cinedigm Chairman and CEO Chris McGurk.

Under the program authorized by its Board of Directors, Cinedigm may repurchase shares from time to time in open-market purchases or through privately negotiated transactions off the market as permitted by Rule 10b-18 under Securities Exchange Act of 1934. The repurchase program is expected to continue over the next 12 months, unless extended or shortened by the Board of Directors. The extent to which Cinedigm repurchases its shares and the timing of the repurchases will depend upon market conditions and other corporate considerations.