Chicken Soup for the Soul Entertainment is buying Redbox, another indicator of consolidation in the streaming industry.
Top line
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.
Between the lines
Redbox has more than 38,000 kiosks nationwide and more recently jumped into the AVOD and streaming landscape.
Combining the companies builds up Chicken Soup for the Soul’s AVOD business, following a recent IAB study that found ad spending on connected TV platforms increased 57% from 2020 to 2021 and is expected to increase another 39% this year to hit $21.2
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