Shares of Cinedigm (NASDAQ:CIDM), a provider of premium streaming content, jumped 16% on Thursday. The stock's gain followed two important deals for the company over the last few days, including a partnership to launch a new over-the-top (OTT) TV service with LiveXLive (NASDAQ: LIVX) and the debut of one of Cinedigm's TV series on Fox's (NASDAQ:FOX) (NASDAQ:FOXA) ad-supported service Tubi.
On Tuesday, Cinedigm announced a partnership with LiveXLive to launch a new LiveXLive-branded streaming OTT channel for U.S. and international markets. "Cinedigm will secure international licensing and distribution of the channel on LiveXLive's behalf," the company said in a press release.
Then on Wednesday Fox's Tubi said it is bringing Cinedigm's 30 seasons of "The Joy of Painting" -- the famed Bob Ross series in which he taught viewers to paint through almost 400 episodes -- to its platform.
Cinedigm has had an impressive run in 2020, with shares up nearly 200% year to date. That said, the stock is down sharply from the levels above $3 per share it touched in early June. With so much movement in the stock recently, and given the company's small market capitalization of $215 million, further significant volatility in the coming weeks is likely.