Cinedigm Corp. added four new directors to its board last week after reaching a settlement with activist investors.
It's been heavily targeted by Ronald Chez and Sabra Capital over its performance. They've been pushing for a $15 million share buyback, and cost controls.
New director are Blair Westlake, Andrew Schuon, Patrick O’Brien and Zvi Rhine of Sabra Capital.
As part of the agreement, Chez has been named a strategic advisor to the company, weighing in on the company’s financing and capital structure, as well as strategic transactions such as potential acquisitions.
This is a big win for activists. The big question remaining, do they have the right answers. Schuon is the co-founder of Revolt Media TV, a music-oriented digital cable television network that is owned by Sean “Diddy” Combs, and is