Cosmo DeNicola Companies News


Thursday, September 8, 2022

Lifebrand CEO Thomas Colaiezzi named Titan 100

Titan CEO and headline sponsor Wipfli LLP are pleased to announce the 2022 Philadelphia Titan 100. The Titan 100 program recognizes Philadelphia’s Top 100 CEO’s & C-level executives. They are the area’s most accomplished business leaders in their industry using criteria that includes demonstrating exceptional leadership, vision, and passion. Collectively the 2022 Philadelphia Titan 100 and their companies employ upwards of 70,000 individuals and generate over $14 billion dollars in annual revenues. This year’s honorees will be published in a limited-edition Titan 100 book and profiled exclusively online. They will be honored at the annual awards ceremony on September 8th, 2022 and will be given the opportunity to interact and connect multiple times throughout the year with their fellow Titans. “The Titan 100 are shaping the future of the Philadelphia’s business community by building a distinguished reputation that is unrivaled and preeminent in their field. We proudly recognize the Titan 100 for their successes and contributions. We know that they will have a profound impact that makes an extraordinary difference for their customers and clients across the nation.” says Jaime Zawmon, President of Titan CEO.

The Titan 100 embody the true diversity of the Philadelphia business landscape. Representing technology, manufacturing, education, healthcare, construction/real estate, staffing, professional services, hospitality, transportation, and non-profit organizations among many others. The annual Titan 100 awards celebration on September 8th, 2022, will be held at The Drexelbrook located in Drexel Hill, PA. From hosting American Bandstand with Dick Clark to surviving a 1978 fire, the Drexelbrook has changed and evolved for more than 70 years to best suit the community as a private club, hotel, and event center. This unique cocktail-style awards event will gather 100 Titans of Industry and their guests for an evening unlike anything that exists in the Philadelphia business community.

“On behalf of the partners and associates at Wipfli we congratulate all the Titan100 winners. It’s an honor to recognize this diverse group of leaders in the Philadelphia community. We appreciate the lasting impact each leader has made, and continues to make, in building organizations of significance that in many cases have not only local but national and international reach. Your ingenuity and creativity have set you apart, and the honor of being seen as an industry Titan is richly deserved,” says W. Bradley Baturka, Mid Atlantic Leader and Partner at Wipfli.

About Titan CEO

Titan CEO brings CEOs together through private events and roundtables. We also provide private, instructor-led peer groups for Titan CEO members. Held monthly, our CEO peer groups are designed to meet a CEOs unique need as a business leader by facilitating curriculum that helps to build business valuation and tackle everyday business challenges. We offer a suite of resources including private coaching, high-level networking, and executive level retreats. Through our community, we aim to work with CEOs to help them connect and grow as Titans of industry.

 

About Wipfli LLP

At Wipfli, we're committed to providing industry-focused assurance, accounting, tax and consulting services that make a lasting, positive impact on our clients — helping them overcome personal and business challenges and plan for future success. Wipfli ranks among the top 20 accounting and business consulting firms in the nation, with more than 127,000 clients and 3,100 associates. We're proud to give our clients the value and experience of a diverse firm that specializes in a wide range of services and industries, dedicated to enduring results, outstanding service and lifetime relationships. Learn more at wipfli.com.

 

About LifeBrand

LifeBrand has and will continue to develop the most advanced technology to detect and remove potentially harmful content from users’ social media pages. Their mission is to be the worked leader in Social Media Background Check Technology.

 

TJ Colajezzi Bio

Thomas "T.J." Colaiezzi spent nearly two decades as a high-level executive in the fitness industry. It was here that he realized that social media was too important to overlook during the hiring process. It bothered him that almost every company “snoops” on candidates' social media behind the scenes. TJ became determined to bring social media screening “above table” by including employees in the process in hopes of making social media background checks as compliant and commonplace as criminal background checks and credit checks.
After months of searching for a compliant solution that gets users' consent and protects both employees and employers alike, he couldn’t find anything.

That’s when TJ saw that a huge problem existed that needed a solution. That’s when LifeBrand was born.
TJ is a self-proclaimed entrepreneur and business nerd, fascinated by the process of starting something small and growing it into something special. Outside of work, he loves spending time with his family (especially his two daughters), woodworking, golfing, watching all Philadelphia Sports Teams, and enjoying good food and fine spirits.

Tuesday, August 30, 2022

Chicken Soup for the Soul Entertainment Completes Acquisition of Redbox Entertainment Inc.

Acquisition creates an entertainment company for value-conscious consumers across AVOD, FAST, and TVOD with over 40 million customer loyalty members

Revenue is expected to more than triple over the next year; increased scale and over $40 million in operating synergies support an accelerated path to positive free cash flow  

Adds over 11,000 additional movies and television shows to the company’s already robust 40,000-title streaming catalog, as well as Free Live TV platform with over 145 free ad-supported streaming television (FAST) channels and transactional video on demand (TVOD) platforms available on dozens of devices

Redbox’s 36,000 kiosks will expand the company’s touchpoints for advertisers beyond free streaming channels and provide new marketing capability to promote original movies  

Galen C. Smith appointed to the new role of executive vice chairman of Redbox and Chicken Soup for the Soul Entertainment, and entertainment industry veteran Jonathan Katz named president of Chicken Soup for the Soul Entertainment

COS COB, Conn. & OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--Chicken Soup for the Soul Entertainment (NASDAQ: CSSE) today announced the company has completed the acquisition of Redbox Entertainment Inc. (NASDAQ: RDBX) – creating an entertainment content and distribution offering targeting value-conscious consumers. The combined companies now offer ad-supported video on demand (AVOD), over 145 free ad-supported streaming television (FAST) channels, transactional video on demand (TVOD), and a network of over 36,000 kiosks nationwide, all supported by original film and television production and distribution divisions. The company expects revenue to more than triple through this acquisition to approximately $500 million annually.

Today, the company also announced the appointment of two key media executives with deep knowledge of the entertainment and streaming space to drive its continued growth. Galen C. Smith, former chief executive officer of Redbox, has been appointed to the new role of executive vice chairman of Redbox and Chicken Soup for the Soul Entertainment. Smith will oversee the company’s future growth plans, including strategic acquisitions. Also announced today, Jonathan Katz has been named president of Chicken Soup for the Soul Entertainment. Katz previously held senior executive roles at Scripps Networks, Katz Networks, and Turner Broadcasting. In his new role, Katz will oversee the company’s operating businesses, including streaming services, Redbox kiosks, and original content studios. Smith and Katz will report to William J. Rouhana, Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment.

“I’ve been looking forward to the day Redbox would become part of the Chicken Soup for the Soul Entertainment family – and today is that day. The Redbox brand is a fixture in American entertainment and now joins our powerful portfolio of streaming brands, including Crackle, Popcornflix, and Chicken Soup for the Soul,” said William J. Rouhana, Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. “This acquisition gives us immediate scale, growing our film and television library to over 51,000 assets, establishing a broad complement of AVOD, TVOD, and FAST channel services, reaching millions of viewers across dozens of platforms, and adding Redbox’s 36,000 kiosks nationwide, with a customer loyalty program that has over 40 million members. These collective assets create a fully formed streaming business for a new era of digital entertainment that we anticipate will accelerate the growth and profitability of our company well ahead of our original plans. The team at Redbox is incredible and will join an equally talented team across our Chicken Soup for the Soul Entertainment companies. I’m excited to welcome our new colleagues and look forward to sharing more about our plans for the future.”

Financially Compelling

Chicken Soup for the Soul Entertainment expects that the combined company will exit 2022 with a run rate exceeding $500 million of revenue and $100 - $150 million of Adjusted EBITDA and expects to deliver annual run rate cost synergies in excess of $40 million in 2023. The combined company also sees numerous opportunities to drive revenue synergies from its complementary assets, including expansion of ad inventory through distribution of its larger content library and production pipeline across AVOD and FAST channels, and increased access to the TVOD window for original film productions. Additionally, the Redbox kiosk network and loyalty program offer a new marketing channel to promote the company’s original content productions.

Transaction Details

Chicken Soup for the Soul Entertainment had already approved the transaction at the time of signing. Redbox shareholders approved the transaction on August 9. Existing Redbox shareholders will receive a fixed exchange ratio of 0.087 of a share of class A common stock of Chicken Soup for the Soul Entertainment per Redbox share. As previously announced, Chicken Soup for the Soul Entertainment stockholders will own approximately 76.5% of the combined company, and Redbox stockholders will own approximately 23.5% of the combined company, on a fully diluted basis.

As part of the transaction, Chicken Soup for the Soul Entertainment has assumed the obligations under Redbox’s outstanding private and public warrants including those that traded on the Nasdaq Global Market under the symbol “RDBXW.” The warrants replacing the former Redbox warrants will be issued on a one for one basis and entitle the holder to receive upon exercise shares of CSSE Class A Common Stock equal to the product of (A) the number of shares of Redbox Class A Common Stock that were subject to the holder’s Redbox warrants and (B) 0.087 (the “Exchange Ratio”), with a corresponding change to the exercise price of such warrant based on the Exchange Ratio. No fractional share will be issued upon warrant exercise. Accordingly, a holder will be required to surrender the equivalent of warrants to acquire 11.494 shares of Redbox Class A Common Stock in order to purchase one share of CSSE Class A Common Stock upon exercise of the warrants. The per-share exercise price for the warrants will be $132.18 per share. This is calculated by dividing the current $11.50 per-share exercise price of the former Redbox warrants by the Exchange Ratio. It is anticipated that the new public warrants will commence trading on the Nasdaq Global Market on or about Friday, August 12, 2022 under the symbol “CSSEL.”

 

About Redbox

Redbox Entertainment Inc. (pre-transaction symbol on NASDAQ: RDBX) is a leading entertainment company that gives consumers access to a large variety of content across digital and physical media. The company operates a rapidly growing digital streaming service that provides both ad-supported (AVOD) and paid movies from Hollywood studios and hundreds of content partners, as well as over 145 channels of free ad-supported streaming television (FAST). The Redbox app is available on major entertainment platforms that include Roku devices, connected TVs, gaming platforms, the web as well iOS and Android devices. Redbox also operates its popular kiosks across the US at thousands of retail locations – giving consumers affordable access to the latest in entertainment. The company produces, acquires, and distributes movies through its Redbox Entertainment™ label, providing rights to talent-led films that are distributed across Redbox’s digital and physical services as well as through third-party digital services. Headquartered just outside of Chicago, Redbox has offices in Los Angeles and Seattle. For more information, visit www.redbox.com.

 

Tuesday, August 30, 2022

CHICKEN SOUP FOR THE SOUL ENTERTAINMENT ANNOUNCES ENHANCED SENIOR LEADERSHIP TEAM

Company creates a broader management structure that adds former Redbox leadership to support rapid growth and scale 

 

COS COB, Conn.– Chicken Soup for the Soul Entertainment’s (NASDAQ: CSSE) chairman and chief executive officer, William J. Rouhana, today announced the formation of a new senior leadership team drawn from both Chicken Soup for the Soul Entertainment and Redbox. As previously announced, entertainment and streaming industry veterans Galen C. Smith, executive vice chairman, and Jonathan Katz, president, will lead this team of executives across a number of areas to support the company’s rapid growth. Both Smith and Katz will report to Rouhana.

 

The Chicken Soup for the Soul Entertainment leadership team will consist of:

 

Galen Smith, executive vice chairman of Redbox and Chicken Soup for the Soul Entertainment, will oversee all long-term planning for the company, including strategy, mergers and acquisitions (M&A), and corporate services. Reporting to him:

 

Senior Vice President Corporate Communications, Peter Binazeski – Heads the company’s corporate communications and public relations; 
Chief People Officer, Marisa Famulare – Continues to direct all people functions;
Chief Innovation Officer, Jason Kwong – Shifts duties to newly expanded role incubating and developing future areas of growth for the combined business;
Chief Financial Officer, Chris Mitchell – Continues responsibility for all financial operations, capital structure, and investor relations;
Chief Strategy Officer, Elana Sofko – Continues to manage M&A activities and international expansion; and
Chief Legal Officer, Fred Stein – Expands his Redbox role to oversee all legal, business affairs and risk management. 

 

JJonathan Katz, president, will oversee day-to-day operations, including the company’s streaming, kiosk, distribution, and studio businesses. Reporting to him:

Chief Operating Officer and President, Redbox Service, Michael Chamberlain – Continues to oversee the operations of the Redbox kiosk business, and leads the growing kiosk service business;
Chief Executive Officer, Studios, David Ellender – Continues to lead the Chicken Soup for the Soul Television Group, developing and producing original content for all owned-and-operated platforms, now including Redbox kiosks and streaming, as well as third-party productions;
Chief Acquisitions & Distribution Officer, David Fannon – Continues to oversee all domestic and international content acquisition and distribution, expanding his purview to include Redbox, and continues in his role as President of Screen Media Ventures;
Chief Marketing Officer, Mike Feldner – Adds the combined company to his Redbox role, heading up all marketing, branding, and creative services, along with leading the company’s analytics and insights team;
Chief Revenue Officer, Philippe Guelton – Expands role to lead all advertising sales and operations, as well as revenue partnerships across the company; and 
Chief Digital Officer, Adam Mosam – Adds to his responsibilities oversight of the company’s streaming businesses, including product, technology, and platform distribution.

 

“Our new senior leadership team brings together some of the best executives in the streaming and entertainment business and sets us up for continued success,” said Bill Rouhana, chief executive officer and chairman, Chicken Soup for the Soul Entertainment. “Our company is scaling rapidly – especially after our recent acquisition of Redbox. As we continue to grow, this team has the knowledge, skill, and drive to build a major company that delivers premium entertainment to value-conscious consumers. I’m very excited about the future of Chicken Soup for the Soul Entertainment.”

Wednesday, June 29, 2022

Warriors acquire No. 44 pick in 2022 NBA draft, select Toledo's Ryan Rollins

Brooklyn, NY - The Warriors acquired the No. 44 overall selection from the Atlanta Hawks. With Bob Myers and Steve Kerr back on the clock, Golden State added guard Ryan Rollins out of Toledo in the second round.

Rollins spent two seasons at Toledo, averaging 16.4 points on 45.3% shooting from the floor with 5.6 rebounds and 3.1 assists in 64 total games. In his sophomore season, the 19-year-old averaged 18.9 points on 46.8% shooting from the field and 31.1% shooting from beyond the arc with six boards and 3.6 assists in 34 games.

Against Coastal Carolina, Rollins caught fire, scoring 35 points on 12-of-20 shooting from the floor with four triples, four boards, three steals and an assist in 34 minutes. 

On the way to leading Toledo to a MAC regular-season championship, Rollins was named to the All-MAC first team.

Along with first-round pick Baldwin Jr., Rollins will slide in with Golden State’s young core that features Jonathan Kuminga, Moses Moody and James Wiseman.

Wednesday, June 29, 2022

Sports Agencies Merge to Form Partnership

Newport Beach, CA - Steinberg Sports & Entertainment announced Thursday that they are forming a partnership with Reynolds Sports Management to create Equity Baseball. 

It will be the baseball division of Steinberg Sports, led by chairman Larry Reynolds, who was the founder and president of Reynolds Sports Management. Terry Jones will be president of the agency’s baseball operations. 

“My goal was to take a very special model, a true hybrid of resources, and bring in a unique mix to that,’’ said Steinberg Sports & Entertainment CEO Chris Cabott, who negotiated Mahomes’ 10-year, $450 million contract extension. “There was only one baseball group we thought of to support that vision, and that was with Larry Reynolds.’’ 

The Steinberg agency, which was founded by high-powered NFL agent Leigh Steinberg, has long represented NFL players and NBA players, but now adds baseball players into their company. There will now be about 125 MLB, NFL and NBA players under one umbrella at Equity Baseball. 

“We all rely on referrals from someone you love and trust, and this was a simple decision for us,’’ said Reynolds, who started his company in 1997. “It’s like we were cut out for each other, sharing ideas and having a kindred vision. It just felt comfortable. Chris and his colleagues have not only been very successful, but they have done so with a high degree of integrity.’’ 

The relationship began with the simple introduction from former MLB pitcher LaTroy Hawkins, who was represented by Reynolds throughout his 21-year career. Hawkins also happens to be the Mahomes’ godfather, becoming close friends with his father, Pat Mahomes, when they played together with the Minnesota Twins.

“We’re really thankful it all came together,’’ Cabott said. “We think it’s a unique hybrid. …This partnership reflects years of admiration and respect for the core values and family-oriented approach of Larry Reynolds, his staff, and their clients.’’ 

Reynolds has represented the likes of All-Stars Torii Hunter, Justin Upton, Tim Anderson, Howie Kendrick, Kenny Hill and Matt Kemp. Steinberg Sports & Entertainment has represented 12 Hall of Famers and 64 first-round selections, including Steve Young, Howie Long, Troy Aikman, Edgerrin James, Kenny Easley, Drew Bledsoe, Bruce Smith, Thurman Thomas and Tony Gonzalez. 

Wednesday, June 29, 2022

Patrick Mahomes Opens First Whataburger in Kansas City

KANSAS CITY — Texan (Tyler) Patrick Mahomes has officially brought another piece of his home state to the Kansas City area.

Mahomes, as part of the franchisee group KMO Burger, opened the first Whataburger in Kansas City Tuesday.

The new restaurant will be the fifth Whataburger in the Kansas City area, following corporate-owned restaurant openings in Lee’s Summit, Independence, Overland Park and Blue Springs.

“As part of KMO Burger, I am excited our team is opening our first location in Kansas City,” Mahomes said in the statement. “It’s great to bring a gift from my first home to my second home.”

The Kansas City Chiefs quarterback is a Tyler native who played college football at Texas Tech.

KMO Burger plans to open 30 Whataburgers over the next seven years throughout Kansas and Missouri.

While the fast-food restaurant is a Texas staple, its ownership is no longer based in Texas. The Whataburger founders sold their majority stake to BDT Capital Partners, LLC, a merchant bank based in Chicago, in 2019.

Wednesday, June 29, 2022

Clutch Putt by Aaron Rodgers Seals Win at the Match 2022

Las Vegas, NV - For the second year in a row at The Match, it came down to Aaron Rodgers on the green. For the second year in a row, the Packers' QB came up clutch.

Josh Allen nearly made a long putt with The Match tied on the 12th and final hole, but it stopped an inch short. Patrick Mahomes' putt went wide right, giving Tom Brady and Rodgers the chance to win. Brady's 15-foot putt was wide right, but Rodgers, who won The Match when paired with Bryson DeChambeau in 2021 sank a game-winning putt, made it look easy, draining the 15-footer to win The Match.

"I felt really good about it," Rodgers told the TNT broadcast. "Tom gave me a really good read and I heard Trevor [Immelman] and Charles [Barkley] in my headphone, they thought I was going to make it. I felt good about the lie when I hit it and I knew it was going in.”

Throughout the afternoon at the Wynn Golf Club in Las Vegas, the four quarterbacks entertained with trash talk, Coors Light "swing juice" and plenty of sliced shots that reminded the fans ducking for cover along the edges of the fairway that the four great QBs are, in fact, still mortal.

But that didn't mean they didn't provide some highlights. Mahomes made several difficult putts to keep his young, AFC pairing in the fight and helped them take the lead, while Brady came in clutch late to tie The Match on the 10th hole and give him and Rodgers the chance to play for their first win as teammates after opposing one another in 2021. Allen showed plenty of power with the driver, while Rodgers was perhaps the most consistent golfer off the tee.

The Sporting News tracked live updates and highlights from The Match, featuring four of the NFL's best quarterbacks. Follow along for results from the round of golf between Tom Brady, Aaron Rodgers, Josh Allen and Patrick Mahomes.

Wednesday, June 29, 2022

XFL ANNOUNCES EXCLUSIVE MULTI-YEAR BROADCAST AGREEMENT WITH THE WALT DISNEY COMPANY AND ESPN

XFL games will be featured on a combination of ABC, ESPN networks and FX

The XFL officially kicks off on Saturday, February 18, 2023

Agreement includes exclusive rights to produce and distribute XFL games
and tentpole events through 2027

NEW YORK – The XFL today announced a new, global multi-year agreement with The Walt Disney Company (“TWDC”) and ESPN, which includes exclusive broadcast rights for all game-day content, tentpole events and more, for its upcoming 2023 season through 2027. Each season, all 43 games (40 regular season games, two playoffs, one championship) will be featured on a combination of ABC, ESPN networks and FX. Additionally, the agreement includes exclusive content rights across TWDC and ESPN’s digital, social and direct-to-consumer outlets such as ESPN+. The XFL is excited to officially announce its 2023 season will kick off on Saturday, February 18, 2023.                                                                           

The announcement was revealed today at the Disney Upfront, where XFL owners Dany Garcia and Dwayne Johnson were in attendance and presented the news.

“Without question, we have long admired Disney’s distinct ability to engage an expansive consumer fanbase across verticals, while also maintaining a deeply authentic, nuanced and heartfelt approach to storytelling much like our own,” said Dany Garcia, Chairwoman of the XFL. “To find a partner that honors our foundation and to be able to root our vision of unwavering passion, accessibility and the future of football with Disney as our home, is a dream come true. We are extraordinarily excited to explore the endless possibilities of this partnership – today is surely just the beginning.”

“The XFL will tap into sports fans’ deep love of football by emphasizing competitive action while dedicating itself to innovation and entertainment,” said Jimmy Pitaro, Chairman, ESPN and Sports Content. “You can see a great path to success when you combine the reach and influence of ESPN and Disney with the collective vision of XFL leadership led by Dany, Dwayne and Gerry.”

Dwayne Johnson added, “This is a definitive moment for the XFL and the beginning of an incredible, long-term partnership for the league, building on my longstanding, very successful legacy relationship I’ve had with Disney throughout my career. We’re excited to be working with global visionaries that are aligned with the XFL’s values, are true team players and share our ambitious goals to grow the XFL as a global sports and entertainment business. Through the

combined power of Disney, ESPN and the XFL, together we will create a new powerhouse on the sports calendar and bring a dynamic game of football to fans everywhere. Time to ball out.”

Gerry Cardinale said, “With today’s announcement, the XFL has launched a truly innovative partnership with The Walt Disney Company and its world-class platforms across media, culture, sports and entertainment.  It is a privilege to join forces with the incredibly talented team at Disney and ESPN and bring Dany and Dwayne’s vision for world-class football and live event entertainment to our fans and players.”

For more information, visit XFL.com and follow us on Twitter, Facebook, and Instagram.

About XFL

The XFL’s ownership group, led by Dany Garcia, Dwayne Johnson, and Gerry Cardinale's RedBird Capital Partners, is building a fan-first, fast-paced global professional football league with innovative rules and enhanced 360 game experience. The XFL will bring entertainment to world class football, with the goal of advancing the game of football and expanding player opportunities when it launches in February 2023.

 

 

Wednesday, June 29, 2022

Amtech Software Appoints Chuck Schneider Chief Executive Officer

FORT WASHINGTON, PA - June 16, 2022 /PRNewswire/ -- Amtech Software (“Amtech” or the “Company”), a leading provider of manufacturing ERP software and technology services for the packaging and other manufacturing industries, announced today that Chuck Schneider has been appointed Chief Executive Officer. Mr. Schneider succeeds founder Cosmo DeNicola, who will remain a member of the Company’s board of directors.

 

Mr. Schneider brings substantial professional experience in the technology industry, most recently serving as Chief Customer Officer of Navis, a leading operations and supply chain software platform. There he focused on expanding Navis’ service portfolio, integrating new product offerings, and cultivating relationships with the company’s network of customers.

 

“I am honored to lead Amtech through its next phase of growth. I look forward to building on the company’s winning culture and reputation as a leading provider of software solutions to the packaging and other manufacturing industries,” remarked Mr. Schneider. “Further, I am eager to increase our investment in product development and customer support in order to continue delivering an exceptional customer experience. I look forward to collaborating with our customers, the Board, and our dedicated employees, to continue Amtech’s legacy of innovation and growth.”

 

Peter Leibman, board member of Amtech, said, “We are thrilled to have Chuck join Amtech as CEO. Chuck’s significant technology industry experience, in addition to his track record of substantial business and recurring revenue growth, make him the ideal leader for Amtech’s world class software platform. We would also like to thank Cosmo for all that he has done to advance Amtech’s growth trajectory and deliver excellence for its clients.”

 

Mr. DeNicola commented, “This is an exciting time for Amtech, I also look forward to supporting Chuck’s strategic and transformational growth initiatives that will continue to serve Amtech’s customers.”

 

ABOUT AMTECH SOFTWARE

 

Amtech Software is a leading provider of manufacturing ERP software and technology solutions to the packaging and other manufacturing industries. Amtech’s fully integrated product suite of modules, multilingual and enterprise solutions provides a compelling value proposition to the full spectrum of manufacturers. Its software solutions serve over 250 customers at over 750 manufacturing plants in North America, Europe and Latin America. The company is headquartered in Fort Washington, Pennsylvania.

Wednesday, May 18, 2022

Chicken Soup for the Soul Entertainment to Acquire Redbox, Creating Premier Independent Entertainment Company

Cos Cob, CT - Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE), one of the largest operators of advertising-supported video-on-demand (AVOD) streaming services, and Redbox Entertainment Inc. (Nasdaq: RDBX), a leading entertainment company, have entered into a definitive agreement under which Chicken Soup for the Soul Entertainment will acquire Redbox. 

 

The combination of Chicken Soup for the Soul Entertainment and Redbox will create a leading independent, integrated direct-to-consumer media platform delivering premium entertainment for value conscious consumers. The combined company will have increased scale across content production and distribution, with a massive content library, more than 38,000 kiosks nationwide, extensive digital capabilities in AVOD, TVOD, PVOD, and FAST, and access to millions of targeted customers, including nearly 40 million Redbox Perks members.

 

Together, the combined companies will have the industry’s premier, independent AVOD platforms, one of the fastest growing segments of the overall entertainment industry. According to a recent study by IAB, ad spending on connected TV platforms increased 57% from 2020 to 2021 and is expected to increase another 39% this year. 

 

“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 chief executive officer of Chicken Soup for the Soul Entertainment. “Our acquisition of Redbox will accelerate the scaling of our business as it combines complementary teams and services to create the streaming industry’s premier independent AVOD. Redbox has 40 million customers in its loyalty program and high-potential digital television assets including carriage of over 130 FAST digital channels on its Free Live TV platform, as well as a robust TVOD and PVOD platform. Together, we will build a fully developed AVOD and FAST streaming business: proven branded streaming services, formidable content and production capabilities, and a strong AVOD and FAST ad sales operation.”

 

“We believe that Chicken Soup for the Soul Entertainment is the ideal partner for Redbox. By joining forces, we will accelerate Redbox’s transition from a physical to high growth digital media company and be the only entertainment provider truly focused on value for consumers,” said Galen Smith, chief executive officer of Redbox. “This all-stock transaction provides Redbox stockholders with the opportunity to participate in the significant near- and long-term upside potential of a diversified and growing company with greater scale and resources. With our footprint of more than 38,000 kiosks, diverse content libraries and combined streaming platforms, we will be well positioned to deliver consumers a wealth of high-quality entertainment options.”

Rouhana continued, “More and more viewers are embracing ad-supported streaming offerings in a content environment characterized by cord-cutting and saturation of high-priced subscription services. Near term, these conditions are even more acute against a macro backdrop of rising inflation and economic uncertainty. With the combination of a large content library, digital AVOD and FAST channel capabilities, and an expanding global audience, we believe that we will be able to deliver more exciting premium entertainment for millions of value conscious viewers and drive further growth and value creation for our stockholders.”

 

About Redbox

Redbox Entertainment Inc. (NASDAQ: RDBX) is a leading entertainment company that gives consumers access to a large variety of content across digital and physical media. The company operates a rapidly growing digital streaming service that provides both ad supported (AVOD) and paid movies from Hollywood studios and hundreds of content partners, as well as over 130 channels of free ad supported streaming television (FAST). The Redbox app is available on major entertainment platforms that include Roku devices, connected TVs, gaming platforms, the web as well iOS and Android devices. Redbox also operates its popular kiosks across the US at thousands of retail locations – giving consumers affordable access to the latest in entertainment. The company produces, acquires, and distributes movies through its Redbox Entertainment™ label, providing rights to talent-led films that are distributed across Redbox’s digital and physical services as well as through third-party digital services. Headquartered just outside of Chicago, Redbox has offices in Los Angeles and Seattle. For more information, visit www.redbox.com.

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