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Chicken Soup For The Soul Acquires Redbox Entertainment

By Shivani Kumaresan
  • Chicken Soup For The Soul Entertainment Inc (NASDAQ:CSSEhas agreed to acquire entertainment company Redbox Entertainment Inc (NASDAQ:RDBX). The acquisition is expected to create an independent, integrated direct-to-consumer media platform delivering premium entertainment.
  • Redbox stockholders will receive a fixed exchange ratio of 0.087 of a share of Class A common stock of CSSE.
  • "Today marks a transformative moment for Chicken Soup for the Soul Entertainment and an inflection point for the ad-supported streaming industry," said William J. Rouhana Jr., chairman, and CEO of Chicken Soup for the Soul Entertainment.
  • Chicken Soup for the Soul Entertainment stockholders will own about 76.5% of the combined company, and Redbox stockholders will own about 23.5%.
  • The combined company will have a vast content library spanning 38,000 kiosks nationwide, extensive digital capabilities, and access to millions of targeted customers, including nearly 40 million Redbox Perks members.
  • CSSE expects the combined company to exit 2022 with a run-rate exceeding $500 million of revenue and $100 million - $150 million of Adjusted EBITDA.
  • The transaction is expected to close in the second half of 2022.
  • CSSE held $21.5 million in cash and equivalents as of March 31, 2022.
  • Upon closing, the combined entity will retain the name Chicken Soup for the Soul Entertainment and continue to trade under the ticker symbol "CSSE."
  • Price Action: CSSE shares are trading higher by 11.7% at $8.85, while RDBX is down 51.8% at $2.70 in premarket on Wednesday.
  • Photo Via Wikipedia Commons
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