Digital cinema company Cinedigm is in the process of acquiring comic book streaming service ComicBlitz, according to Variety.
The acquisition is estimated to be finalized before the end of the year, with Cinedigm projecting that the company could take in "over $5 million in incremental revenue" with the first 18 to 24 months. Cinedigm also co-owns the streaming service CONtv with Wizard World.
“This acquisition will provide additional content rocket fuel to further accelerate our digital revenue growth,” said Cinedigm chairman/CEO Chris McGurk. “Targeted at the key and growing fandom demographic, we are confident that this accretive deal will generate a strong [internal rate of return] while it propels our business forward by dramatically expanding and strengthening our content and channel offerings across the fast-growing worldwide OTT ecosystem.”
ComicBlitz launched in 2015, offering a select grouping of IDW Publishing, Valiant Entertainment, Image Comics, Dynamite Entertainment, Zenescope, and Lion Forge Comics for a flat $7.99 monthly rate. Current titles offered include Transformers, Star Trek, Judge Dredd, Bloodshot, and Bob's Burgers.
ComicBlitz CEO/founder Jordan Plosky is set to segue to an unspecified role in Cinedigm's Digital Networks team.
“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.”