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by Paula Bernstein and Eric Kohn
December 18, 2013 4:33 PM
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Exclusive: Cinedigm Consolidates After Gaiam Vivendi Purchase, Shifts Theatrical Base to L.A.

Brie Larson in "Short Term 12." Cinedigm

Following its $51.5 million acquisition of Gaiam Vivendi in October, Cinedigm is integrating the two organizations, restructuring staff and shifting the company's theatrical releasing arm to Los Angeles, the company confirmed today.

"We are integrating two very successful organizations and there is some restructuring involved, but our commitment to theatrical releasing is unwavering," Vincent Scordino, SVP Theatrical Releasing, told Indiewire. "We have a slate of amazing films. We have a new president of our entertainment group, Bill Sondheim. He's coming to Sundance with (Cinedigm Chairman and CEO) Chris McGurk and a full team and we anticipate we'll be very active."

While the publicly traded company will still have a New York office, theatrical releasing will be centered in L.A. as a result of the acquisition of Gaiam Vivendi

Although Scordino declined to comment on the number of executives who would be let go, an industry source said about "a handful" of execs have been laid off, including top staffers in the marketing department.

"Bringing the companies together, there are some layoffs, but while the nature of the relationship is changing, it won't impact our films or our filmmakers," said Scordino. "Those New York executives are staying on as consultants and will continue to work on our current slate and upcoming acquisitions. We have been discussing our plans with filmmakers and prioritizing continuity above all else."

Cinedigm recently had success with "Short Term 12," directed by Destin Daniel Cretton and starring Indiewire Spotlight honoree Brie Larson in one of the year's most heralded indie performances. The film, released in August, took in $60,137 in four theaters, averaging $15,034, the best average ever for Cinedigm. Previously, only two of the company's films -- "Larger Than Life in 3D" and "Arthur Newman" -- managed grosses over $100,000.

"Short Term 12," which Cinedigm acquired at this year's SXSW, has easily become the company's top grossing film in its four year history. So far, it has grossed $1,008,507. 

READ MORE: How Good Was Brie Larson’s Year? She Beat Cate Blanchett at Her Own Game.

Upcoming 2014 Cinedigm theatrical releases include Kelly Reichardt's "Night Moves" and Godfrey Reggio's "Visitors." 

In September, Cinedigm partnered with Drafthouse Films to release a slate of critically acclaimed independent films, including the award-winning documentary, "The Act of Killing," across all home entertainment and VOD platforms beginning in 2014. Cinedigm converted thousands of theaters around the country to digital and generally acquires up to 20 titles a year for theatrical release, combined with VOD and ultra-VOD releases.

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3 Comments

  • renee_church@yahoo.com | December 19, 2013 10:25 AMReply

    my neighbor's mother makes $64 an hour on the laptop. She has been laid off for nine months but last month her pay was $19252 just working on the laptop for a few hours. see here.....
    http://7.ly/dnfa

  • Edward Lancaster | December 18, 2013 5:04 PMReply

    How can you claim success with combined acquisitions and P&A costs of probably $3mil to generate a net revenue of approximately $350k in the entirety of a theatrical run. Once ancillaries are all in and spending is all done, that won't be a success...

  • Evidence Please | December 18, 2013 5:18 PM

    If what Edward claims is true than he's correct - but we'd need to know the breakdown versus what was actually spent vs. recouped. All films run at a loss at first and Cinedigm is relatively new at theatrical distribution at least. I'd be curious to hear what producers have to say.