Amid stock market turmoil, Chicken Soup for the Soul Entertainment will slurp up ailing DVD kiosk merchant Redbox Entertainment.
, the Oakbrook Terrace, Illinois operator of 38,000 DVD rental kiosks found in supermarkets and convenience stores from Safeway and ShopRite, to Walmart and Walgreens, has shown surprising staying power. While Blockbuster has become a distant memory and Netflix dominates digital movie streaming, Redbox, which derives more than nearly 90% of its revenues from customers that pay $1.
Chicken Soup for the Soul Entertainment is run by William Rouhana Jr., 69, a former telecom executive who presided over an acquisitive broadband company called WinStar during the dotcom boom in the 1990s. WinStar reached $4 billion in market capitalization before it filed for bankruptcy protection in April 2001.
In 2021, Chicken Soup for the Soul reported $110 million in revenues and cash flow of $22 million. Its shares and market capitalization have declined precipitously in recent months, falling more than 80% from their 2021 peak to a recent market cap of $115 million.
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