LOS ANGELES - BondIt Media Capital has entered into a co-financing partnership with Cineverse, a NASDAQ-listed streaming technology and entertainment firm. The agreement, announced today, will see BondIt provide funding for the production, acquisition, and distribution of North American film projects.
The partnership kicks off with financial backing for the domestic distribution rights of "Terrifier 3," the latest installment in the horror franchise featuring Art the Clown. The previous film, "Terrifier 2," was a surprise hit, earning over $15 million globally on a micro-budget in 2022. The upcoming film, which completed production in New York in April 2024, is scheduled for release on October 11, 2024.
Matthew Helderman, CEO and Co-Founder of BondIt Media Capital, expressed enthusiasm for the collaboration, citing the potential in larger scale projects like "Terrifier 3" and the broader slate of opportunities for the remainder of 2024.
Cineverse Chairman and CEO Chris McGurk highlighted the anticipation for "Terrifier 3," which has been named one of USA Today's Top 10 most anticipated horror films of 2024, and acknowledged the role of partnerships in bolstering the franchise's success.
BondIt Media Capital has a history of successful projects, including the Netflix-acquired film "Woman of the Hour," directed by and starring Anna Kendrick, and the Emmy-winning HBO documentary "Street Gang: How We Got to Sesame Street."
Cineverse boasts advanced technology that supports the distribution of over 71,000 premium films, series, and podcasts to more than 82 million unique viewers monthly. The company's proprietary technology is a key driver in the entertainment industry, catering to a network of fan channels and providing streaming solutions to globally recognized brands.
Since its founding in 2013, BondIt Media Capital has deployed over $500 million across various film, television, and media projects, with notable works including "Loving Vincent," "Midway," and "The Peanut Butter Falcon."
This partnership is based on a press release statement and represents a strategic move to finance and distribute film projects in North America.
InvestingPro Insights
In light of the recent co-financing partnership between BondIt Media Capital and Cineverse, it's worth noting the current financial state of Cineverse, as reflected in real-time data and insights from InvestingPro. With a market capitalization of just $11.46 million, Cineverse is a relatively small player in the entertainment industry. The company's Price / Book multiple, as of the last twelve months leading up to Q3 2024, sits at a low 0.27, suggesting that the stock may be undervalued relative to its assets.
However, it's not all positive for Cineverse; the company has experienced a significant sales decline of 28.36% during the same period. This is compounded by a negative revenue growth rate of 52.39% in Q3 2024 alone. These figures raise concerns about the company's current revenue trajectory. Additionally, the stock has exhibited high volatility, with a 1-month price total return of -41.81% and a 1-year price total return of -87.66%, indicating a rocky performance in the market.
InvestingPro Tips suggest that Cineverse is currently in oversold territory according to its RSI, and it trades at a low revenue valuation multiple. These factors could point to potential for growth, especially if the partnership with BondIt Media Capital proves fruitful. However, analysts are anticipating a sales decline in the current year, which investors should consider when evaluating the company's prospects.
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