Hong Kong-based Bison Capital takes over Cinedigm

Bison Capital, a Hong Kong-based investor in film and TV production, agreed to acquire a majority stake in Cinedigm, which creates programs for Netflix and other online outlets. Bison will buy 20 million newly issued shares of Cinedigm for up to $30 million and provide as much as $10 million in working capital, according to a statement Thursday. Los Angeles-based Cinedigm is also in talks to exchange its 5.5% convertible notes due in 2035. According to Bloomberg, the takeover of Cinedigm, which got its start helping smaller theater chains convert to digital projection, highlights the growing interest Chinese investors have in owning the films and TV shows that play in their fast-growing domestic market. “Despite its rapid growth, China remains greatly under-served in terms of content quality and diversity,” Peixin Xu, founder of Bison Capital, said in the statement. “We will leverage Cinedigm’s content access and distribution capabilities to bring more premium, independent content into the China market.”