Chicken Soup for the Soul Entertainment is buying Redbox, another indicator of consolidation in the streaming industry. The all-stock transaction will have the Crackle parent company acquire the platform in a $375 million deal, most of which is the assumption of Redbox debt. (Adweek)
The deal was done with the goal of creating a leading independent, integrated direct-to-consumer media platform that delivers premium entertainment to budget-conscious consumers. (LostRemote)
It follows Redbox’s filing with the SEC in April, which revealed it would be laying off 150 employees—or roughly 10 percent of its workforce—just six months after becoming a publicly traded company. (LA Times)
Last year Chicken Soup acquired Hollywood’s Sonar Entertainment, Indian film producer Locomotive Global and independent film and television distributor 1091 Pictures. It now has 24,000 episodes of TV and 14,500 films in its library, representing more than 100,000 hours of filmed entertainment. (Forbes)