OTT platform Future Today said Monday it’s merger agreement with Cinedigm has been terminated and it’s entered into a content licensing arrangement with the company instead to extend its content offering.
The merger agreement, worth about $60 million, was announced a year ago.
Future Today is privately held and majority owned by founders Alok Ranjan and Vikrant Mathur, who started the company in 2006. In a statement Monday, they declined to elaborate on why the deal with Los Angeles-based company run by Chris McGurk didn’t close but said it was an amicable parting of ways.
But the company did report that February marked the best performance ever of its channels, with users up almost 60% year on year and streaming hours up almost 70%. It said it has expanded its distribution footprint with the launch of its HappyKids, FilmRise, Fawesome and ifood.tv channels on Comcast Xfinity and LG. Future Today said it has recently added linear streaming capabilities to its technology stack.
The company launched its first OTT channel in 2011 and has since then grown to operate more than 700 content channels with over 70 million app installs, and manages a library of more than 200,000 film, television and digital content assets in a variety of categories including entertainment, movies, food, lifestyle, animation and kids.
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