Cinedigm Sells Hollywood Software

Century City-based Cinedigm said late Tuesday that it has sold its Hollywood Software division to an outside team of investors, led by David Gajda, one of the company's original founders. Financial terms of the sale were not disclosed. Cinedigm said the all cash deal came as it decided that it no longer made strategic sense to pursue the software business, where it was selling to many of its competitors. Hollywood Software's tools are used for managing digital theatrical distribution and exhibition. Cinedigm had purchased the software company from Gajda in 2003.