The joint venture will make the two companies a one-stop shop for filmmakers, handling everything from theatrical to digital distribution
Cinedigm Entertainment Group is teaming up with New Video to buy and distribute independent films, the two companies announced at the Sundance Film Festival on Sunday.
As part of the joint venture, Cinedigm will handle the theatrical release of the movies. New Video will oversee the video-on-demand, digital distribution and home entertainment portion.
The move allows both companies to be a one-stop shop for moviemakers — overseeing everything from their theatrical debuts to their digital streaming pacts.
"Theatrical continues to be the holy grail for filmmakers," Steve Savage, co-president of New Video, told TheWrap. "We didn't have theatrical and they didn't have ancillary markets, so this was a perfect meeting of minds."
Cinedigm Chairman and Chief Executive Officer Chris McGurk said he hopes the company will be able to release one film a month going forward. He hopes the move will position Cinedigm and New Video as a buyer on the level of a Magnolia or Sony Pictures Classics.
"We're here at Sundance looking for quality films across all genres," McGurk said. "We're going to be offering a streamlined, cost efficient and distinct distribution model that I think is going to be very attractive to filmmakers."
The agreement is effective immediately. McGurk said they hope to leave the festival with one or two acquisitions.
Last year, Cinedigm released 10 films, including a 3D Dave Matthews Band concert and the Sarah Palin documentary "Undefeated."
New Video is the largest aggregator of independent digital content worldwide, with Amazon, Apple’s iTunes store, Hulu, Netflix and Walmart’s Vudu serving as partners.