Cinedigm Corp. (NASDAQ: CIDM) disclosed on Tuesday that it has bought Films Around the World, Inc. content library. Films Around the World was one of the largest and independently owned rights-managed classic film libraries. It includes nearly 150 feature films and more than 500 hours of audio programs.

Film Around the World was held and controlled by the late Alex Kogan who died in 2017. The clients of Films Around the World include Starz, Amazon, Turner Classic Movies, and Shout Factory. Furthermore, the FATW library comprises remake rights to over 150 feature films.

Shares of Cinedigm (NASDAQ: CIDM) went down 3.73% at $1.29 at the time of writing on Tuesday. Cinedigm has a Return on Assets of -60.80% and a Return on Investment of -17.20%. It has a Gross Margin of 51.10%, and an Operating Margin of -35.50%. It has a total market capitalization of $225.98 million at the time of writing.

President of Film Detective said that the firm is delighted to buy the vital film and media library which includes the original film elements of John Wayne's early films as well as many other important genre films. The FAWL is a perfect addition to the classic film fanatic discovered on its recently bought “The Film Detective and Fandor channels.”