The company said it plans to distribute this content globally via mobile devices, streaming services and other media companies. Cinedigm also plans to integrate ComicBlitz into its own over-the-top services, including its fandom lifestyle network CONtv.
Cinedigm expects that the acquisition will close before the end of the year. Terms of the deal were not disclosed.
ComicBlitz bills itself as the Netflix of comics, a service that provides all-you-can-eat access for a monthly subscription fee. Launched in 2015, the service is available in more than 133 countries, and offers a range of popular titles, such as Transformers, Star Trek, Judge Dredd, Bloodshot, Bob’s Burgers, Army Of Darkness, Vampirella, Green Hornet, KISS, The Shadow, The Spirit, and 30 Days Of Night.
Cinedigm said the deal is expected to generate more than $5 million in incremental annual digital revenues within 18-24 months of closing, if it’s able to strike new licensing agreements and distribute the content on new platforms.
“This acquisition will provide additional content rocket fuel to further accelerate our digital revenue growth,” said Cinedigm Chairman and CEO Chris McGurk said in a statement.
ComicBlitz CEO Jordan Plosky will join Cinedigm team to further accelerate our expansion.
“Cinedigm gives ComicBlitz unprecedented support and an incredible opportunity to reach a large and enthusiastic audience, which is invaluable and extremely rare for a digital comic book company to receive,” Plosky said in a statement. “I truly believe this is a milestone moment not only for comic readers, but for the comics industry as a whole.”
In addition to CONtv, Cinedigm currently operates the factual network Docurama, gaming lifestyle network Wham Network, family-focused Dove Channel, kids-focused DoveKids, combat-sports network CombatGO, and the forthcoming networks Hallypop and Bambu.