Chicken Soup for the Soul says deal for Redbox is officially completed

Dow Jones2022-08-11

MW Chicken Soup for the Soul says deal for Redbox is officially completed

Chicken Soup for the Soul Entertainment Inc. $(CSSE)$ announced Thursday that its all-stock deal for Redbox Entertainment Inc. (RDBX) has officially been completed. Through the deal, Redbox shareholders would receive 0.087 shares of Chicken Soup for each Redbox share they owned. Chicken Soup's stock closed Wednesday at $14.75, implying a $1.28 value for each Redbox share. Redbox's stock closed Wednesday at $1.65. Chicken Soup's stock was ahead 5.8% in premarket trading Thursday, paring back earlier premarket gains. Executives at Chicken Soup expect that the combined entity will finish 2022 with a revenue run rate at upwards of $500 million. The also see "numerous opportunities to drive revenue synergies from its complementary assets." Chicken Soup announced that Galen Smith, Redbox's former chief executive, will take on the new role of executive vice chairman of Redbox and Chicken Soup. Additionally, Jonathan Katz, who previously worked at Scripps Networks and Katz Networks, will be taking on the position of the company's president.

-Emily Bary

$(END)$ Dow Jones Newswires

August 11, 2022 09:08 ET (13:08 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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