MoviePass' parent company on Friday announced that the service's slow demise has finally reached its conclusion.
MoviePass, the long-beleaguered cinema subscription service that rewrote the rules for going to the movies, will shut down Saturday.
Helios & Matheson, the data company that bought a majority stake in MoviePass in 2017, said it has formed a committee of independent directors to explore “strategic and financial alternatives” for the company, including a sale of the firm as a whole, or a sale of all its assets, including MoviePass.MoviePass was founded in 2011.
The apparent death spiral sparked shareholder lawsuits and an investigation by the New York attorney general’s office. The company was delisted from the Nasdaq stock exchange earlier this year after the stock traded below $1 a share for months, even after a reverse stock split. Subscribers, fed up with frequent changes to the service and poor customer relations, canceled rapidly.
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