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Streaming on redbox9/25/2023 ![]() So why is Chicken Soup cashing in on this “dinosaur” entertainment company? William Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment, admitted that the acquisition will add significantly to Chicken Soup’s debt load. In addition, Redbox’s post-SPAC merger shares depleted from $10 in October 2021 to below $2 recently. While it hoped this was its saving grace, the company remained financially unstable, cutting almost 10% (150 out of 1,467 employees) of its workforce in April. In October 2021, it went public in a $693 million SPAC (special purpose acquisition company) merger with Seaport Global Acquisition Corp. ![]() In 2021, the company experienced $140.8 million in losses, had $289 million in sales (down from $546.2 million in 2020) and cash flow went negative to $15 million. Sony’s streaming service Crackle sells majority stake to Chicken Soup for the SoulĪ DVD rental dinosaur that was founded 20 years ago, Redbox has been riding the struggle bus for a while now, collapsing during COVID-19. The company touted that the combination results in $500 million of revenue and $100 million to $150 million of adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) at the end of 2022. In the deal announcement, Chicken Soup said the combination is expected to help its bottom line in 2023, with an expectation of cost synergies of more than $40 million. The main goal of the acquisition is to better position both companies in the streaming landscape. The transaction is expected to close in the second half of 2022. Redbox’s majority owner, Apollo Global Management, will own approximately 15%. The all-stock transaction leaves Chicken Soup shareholders with 76.5% of the company and Redbox shareholders with 23.5%. ![]() The company is betting on Redbox’s streaming offering to propel it forward in the overly saturated streaming market. Crackle owner Chicken Soup for the Soul Entertainment, an ad-supported video-on-demand streaming company, acquired Redbox Entertainment, the operator of 38,000 DVD rental kiosks, for $375 million, comprised of $50 million in Chicken Soup stock and the assumption of $325 million in Redbox’s debt. You can upgrade your plan at /account/manage-plan. Of course! We highly recommend changing your subscription to annual for the best value or Smart Bundle for the most perks, which includes access to additional streaming services like Nebula, SommTV, Tastemade, and Topic. If you cancel after being billed, you will have access to our service through the end of the paid period.Ĭan I upgrade my account to an annual or Smart Bundle plan? Subscriptions are non-refundable and subject to the terms of service. Customers who sign up for the Redbox promotion and do not cancel before the end of the free subscription period will be billed $2.99 per month. We do not have access to the billing management of the other applications and are unable to apply the free months of service there.Ĭan I cancel my subscription after I sign up for the Redbox promotion?Īs always, you are welcome to cancel anytime. In order to receive the Redbox promotion, you sign up directly through /redbox or. Will I receive the Redbox promotion if I sign up on the Curiosity Stream app (via the iTunes App Store, Amazon, Google Play, or Roku)? The Redbox promo is open to any new subscriber or any returning Curiosity Stream (whose subscription ended prior to December 1, 2021) with a unique promo URL provided by Redbox. How do I qualify for the Redbox promotional offer?
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