The deal will be comprised of $50 million in Chicken Soup for the Soul Entertainment stock and the assumption of $325 million of Redbox's debt.
A Redbox automated DVD rental kiosk is seen in Golden, Colorado September 16, 2009. REUTERS/Rick Wilking
During the first quarter of 2022, Chicken Soup for the Soul Entertainment posted a net loss of $14.1 million, compared with a loss of $9.2 million a year ago, and net revenue of $29.2 million, up 26% from $23.2 million a year ago. Crackle Plus, which includes Crackle, Chicken Soup for the Soul and PopcornFlix, offers approximately 14,500 movies and 24,000 television episodes to more than 40 million monthly active users. The AVOD service is available at more than 70 consumer touchpoints across devices, platforms and smart TVs and is on track for a total of 90 touchpoints by the end of 2022.
In addition, the company expects Redbox's legacy DVD business to grow in the next 12 to 24 months as first-run films return to theaters. Movies released at Redbox are typically available 80 to 120 days prior to their release on Netflix.
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