Cosmo DeNicola Companies News


Thursday, April 8, 2021

CHICKEN SOUP FOR THE SOUL ENTERTAINMENT’S SCREEN MEDIA RELEASES OFFICIAL TRAILER TO STREET GANG: HOW WE GOT TO SESAME STREET

THE CRITICALLY ACCLAIMED DOCUMENTARY WILL OPEN IN THEATERS ON APRIL 23, 2021 AND ON DEMAND MAY 7, 2021

TRAILER CAN BE VIEWED HERE

New York – Screen Media, a Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) company, today released the first official footage of the critically acclaimed documentary, STREET GANG: HOW WE GOT TO SESAME STREET. The trailer can be viewed here.

Directed by Marilyn Agrelo (Mad Hot Ballroom) and produced by Trevor Crafts (Experimenter 2015) and Ellen Scherer Crafts, the documentary chronicles the improbable origins and expansion of the groundbreaking show that not only changed children’s television programming, but had real-world effects on equality, education, and representation worldwide. The film is inspired by Michael Davis’ New York Times best-selling book of the same name.

After world premiering at the 2021 Sundance Film Festival, STREET GANG: HOW WE GOT TO SESAME STREET will be released in theaters on April 23, 2021 and on video-on-demand platforms on May 7, 2021.

 Inspired by the activism of the late 1960s, socially conscious television executive Joan Ganz Cooney and Sesame Workshop co-founder Lloyd Morrisett conducted a revolutionary experiment: to harness the burgeoning power of television and create an educational, impactful, uplifting and entertaining show that could reach children nationwide, especially those living in urban areas. Cooney recruited trailblazing Muppets creator Jim Henson and acclaimed children’s television writer and director Jon Stone to craft the iconic and beloved world of “Sesame Street.”

STREET GANG: HOW WE GOT TO SESAME STREET reintroduces this visionary “gang” of mission-driven artists, writers, and educators that audaciously interpreted radical changes in society and created one of most influential and impactful television programs in history.

With more than 20 interviews with original writers, cast, and crew, and never-before-seen behind the scenes footage, STREET GANG is told from the inside with humor and emotion, weaving together personal narratives and eyewitness accounts. The film explores the original mission of the “gang” that created this cultural phenomenon, now spanning more than 50 years and reaching more than 150 countries.

Chicken Soup for the Soul Entertainment and Screen Media present in association with HBO Documentary Films, a Macrocosm Entertainment production, and in association with the Exchange, Bondit Media Capital, and Citizen Skull Productions. It is directed by Marilyn Agrelo; produced by, Trevor Crafts, p.g.a, Ellen Scherer Crafts p.g.a; with producer Lisa Diamond p.g.a,; executive producers, Brian O’Shea, Nat McCormick, Matthew Helderman, Luke Taylor, Mark Myers, Heather Kenyon; co-executive producer, Michael Davis; editor, Ben Gold. 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 


 

 

 

 



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Thursday, April 8, 2021

Chicken Soup for the Soul Entertainment Reports Q4 and Full Year 2020 Results

Record results and significant operational progress in 2020 set the stage for a strong 2021

 

COS COB, CT – Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced its financial results for the fourth quarter and full year ended December 31, 2020.

 

“The fourth quarter capped off a very successful 2020 as we continued to deliver growth in original and exclusive content on Crackle Plus and expanded our distribution to drive viewership growth into the future,” said William J. Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment. “Our strong 2020 results set the stage for what is shaping up to be a year of transformational growth in 2021. Our Distribution and Production business grew over 200% year-over-year and Crackle has seen strong viewership increases in the first quarter with continued increases in viewership of our original and exclusive content.”

 

“We are positioning Chicken Soup for the Soul Entertainment as a pure play AVOD network operator with a rich trove of content assets, differentiated production capabilities, a deep pipeline of exciting new original and exclusive content, and viewership that we expect to continue growing throughout the year as our new distribution touchpoints deliver results. We are building momentum toward our goal of creating the best AVOD experience.”

 

Fourth Quarter 2020 Financial Summary

 

  • Gross revenue of $20.2 million, compared to $20.0 million in the third quarter of 2020, and $24.8 million in the year-ago period.
  • Online Networks, which include Crackle and Popcornflix, gross revenue of $10.8 million, up 35% from $8.0 million in the third quarter of 2020, and compared to $15.9 million in the year-ago period. Gross revenue included intercompany revenue share payments of $1.7 million, $1.3 million, and $1.0 million, respectively. On a comparable basis, after the deduction of $5.6 million of revenue from the since-shuttered Playstation Vue, the year-over-year gross revenue grew from $10.1 million to $10.8 million, an increase of 7%.
  • Distribution and Production revenue of $11.1 million compared to $13.3 million in the third quarter of 2020, and $9.9 million in the year-ago period.
  • Net loss of $10.1 million compared to a net loss of $13.0 million in the third quarter of 2020, and a net loss of $12.4 million in the year-ago period; $8.9 million net loss before preferred dividends, compared to $12.1 million net loss in the third quarter 2020, and $11.4 million net loss before preferred dividends in the year-ago period.
  • Adjusted EBITDA of $2.8 million, compared to $4.2 million in the third quarter 2020, and $5.9 million in the year-ago period.

 

Full Year 2020 Financial Summary

 

  • Record gross revenue of $68.2 million, compared to $56.6 million in 2019.
  • Online networks generated $35.3 million in gross revenue compared to $41.7 million in 2019. Gross revenue included intercompany revenue share payments of $5.2 million and $1.7 million, respectively. On a comparable basis, after the deduction of $0.3 million and $15.9 million of revenue from the since-shuttered Playstation Vue, the year-over-year gross revenue grew from $25.8 million to $35.0 million, an increase of 36%.
  • Distribution & Production gross revenue was $38.0 million in revenue compared to $16.6 million in 2019.
  • Net loss of $44.6 million compared to $35.0 million in 2019; $40.4 million net loss before preferred dividends, compared to $31.7 million net loss before preferred dividends in 2019.
  • Adjusted EBITDA was $11.8 million, compared to $6.0 million in 2019.

 

Recent Business Highlights

 

  • Continued to expand pipeline of Original & Exclusive content which represented nearly 20.0% of ad impressions for the fourth quarter and 18.5% for full year 2020.
  • Increased distribution of Crackle Plus AVOD networks to 41 touchpoints and expanding this initiative with plans to reach a total of 64 consumer touchpoints.
  • Signed agreement for Crackle-branded button to be included on approximately 2.5 million VIZIO SmartCast TV remotes in 2021.
  • Obtained 100% ownership of Crackle Plus from Sony Pictures Television, strengthening relationship and positioning company for further growth.
  • Strengthened balance sheet and enhanced liquidity with additional equity and long-term debt without covenants.

 

Gross profit for the year ended December 31, 2020 was $14.2 million, or 21% of net revenue, compared to $14.9 million, or 27% of net revenue in 2019.

 

Operating loss for the year ended December 31, 2020 was $44.3 million compared to an operating loss of $26.1 million in in 2019.

 

Net loss for the year ended December 31, 2020 was $44.6 million, or $3.62 per share, compared to a net loss of $35.0 million, or $2.92 per share, in the prior year. Excluding preferred dividends, the net loss in 2020 was $40.4 million, or $3.29 per share, compared to net loss of $31.7 million, or $2.64 per share, in the prior year.

 

Adjusted EBITDA for the year ended December 31, 2020 was $11.8 million, compared to $6.0 million in 2019.

 

As of December 31, 2020, the company had $14.7 million of cash and cash equivalents compared to $6.4 million at December 31, 2019, and outstanding debt of $33.6 million as of December 31, 2020 compared to $20.0 million as of December 31, 2019.

 

For a discussion of the financial measures presented herein which are not calculated or presented in accordance with U.S. generally accepted accounting principles (“GAAP”), see “Note Regarding Use of Non-GAAP Financial Measures” below and the schedules to this press release for additional information and reconciliations of non-GAAP financial measures.

 

The company presents non-GAAP measures such as Adjusted EBITDA and Pro Forma Adjusted EBITDA to assist in an analysis of its business. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the company's operating performance.

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 


 

 

 

 



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Thursday, April 8, 2021

Chicken Soup for the Soul Entertainment Announces Accelerated and Expanded Distribution Rollout of Crackle Plus Networks

Crackle Plus Networks Available at 41 Distribution Touchpoints with an Additional 23 Contracted

 

COS COB, CT – Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (“AVOD”) networks, today reported that it has increased its distribution of its Crackle Plus AVOD networks to 41 touchpoints, above its prior target, and now is expanding this initiative with plans to reach a total of 64 consumer touchpoints.

 

The Crackle Plus networks, including Crackle and Popcornflix, are available on a variety of platforms and services as both linear and VOD offerings. Crackle Plus networks are always free and offer a wide selection of hit movies, TV series, and original and exclusive programming. Expansion of Crackle Plus’s distribution is a key part of the Company’s broader marketing strategy to drive more viewers to its original and exclusive content.

 

“Our company has found that distribution has proven to drive increased viewership of our networks, and can bring up to hundreds of thousands of new viewers over time. From leading digital platforms to major cable providers and smart TV manufacturers, we are adding partners that we expect to drive new viewers to our Crackle and Popcornflix networks. As a result, we have reset our goal to now target 64 total touchpoints by the end of this year,” said William J. Rouhana, chief executive officer of Chicken Soup for the Soul Entertainment. “We are seeing encouraging early results from our overall efforts to increase viewership, including a significant increase in viewership of our Crackle network in February over January of this year.”

 

“Our aim is to make our free movie and TV content available to all viewers on all available platforms, including streaming devices, game consoles, connected TVs and FAST networks. As we add new distribution touchpoints and develop both new AVOD and linear channel offerings, we continue to make it easier for consumers to find us,” said Philippe Guelton, president of Crackle Plus. “In doing so, we are capturing a growing audience of unique, hard-to-reach consumers for our advertising partners.”

 

 

 

 

 


 

 

 

 

 

 

 


 

 

 

 



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Tuesday, March 2, 2021

Crackle Plus Adds SpotX to Monetize OTT Inventory Across New Distribution Channels

Leading Global Video Advertising Platform Connects Advertisers with Crackle Plus Premium Inventory Distributed Across FAST Channels

 

NEW YORK, NY — SpotX, the leading global video advertising platform, today announced a strategic partnership with Crackle Plus to serve as a primary supply-side platform (SSP) to power the video monetization of Crackle Plus inventory across both existing and new distribution channels.

 

Crackle Plus, a Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) company, linear and VOD networks are available in the US and can be accessed on up to 29 devices and services including Amazon FireTV, RokuTV, Apple TV, Smart TVs (Samsung, LG, and VIZIO), gaming consoles (PS4 and XBox One), iOS and Android mobile devices, and on desktop at Crackle.com. Crackle is also available in approximately 500,000 hotel rooms in the Marriott Bonvoy chain.

 

Crackle Plus is enhancing Crackle and Popcornflix’s video-on-demand (VOD) experiences, as it expands its marketing activities into the new world of free, ad-supported streaming TV (FAST) channels. Crackle Plus recently announced new VOD and linear distribution on fuboTV, Philo, Plex, VIDAA, VIZIO Watch Free, and XUMO.

 

By unlocking content on these platforms and making it easily discoverable, Crackle Plus is making its content available to up to 60+ million new viewers across these new linear and VOD distribution channels in 2021.

 

As part of the part of the agreement, Crackle Plus will use Total Connect+, a new capability SpotX has brought to market powered by joint efforts between video ad server SpringServe and SpotX, to intelligently route inventory across these new distribution channels while powering the programmatic enablement of the newly unlocked inventory. Total Connect+ enables server-to-server connections with SSPs, as well as advanced podding features, synced campaigns, united audience data, and forecasting.

 

Crackle Plus is also packaging premium content and overlaying third-party data via SpotX’s Audience Management Engine (AME) to enrich its inventory and create audience-enabled programmatic guaranteed campaigns with specific market segments. Crackle Plus’ programmatic capabilities include targeting by genre and deal IDs powered by SpotX, data-layered measurement support for attribution and analysis transparency, with series- and show-level reporting capabilities currently in development.

 

“SpotX’s programmatic infrastructure, data enablement capabilities, and expert service have positioned them as a highly-valued monetization partner,” said Darren Olive, EVP of National Advertising Sales & Strategy at Crackle Plus. “Together, SpotX and SpringServe also offer state-of-the-art ad serving and inventory management, and we are excited to deploy SpotX’s sophisticated header bidding solution, Total Connect+, to maximize yield and campaign performance for all our ad partners.”

 

“Crackle Plus continues to lead the AVOD streaming service providers in delivering unique reach across its top original and exclusive programming. Their content has exceptionally high engagement and time spent on the platform by audiences is growing rapidly,” said Mike Laband, SVP of Platform at SpotX. “Their premium, brand-safe inventory is particularly appealing to advertisers because it offers little overlap with traditional broadcasters, thus providing incremental reach against the increasing audience of cord-cutters. We are also very excited to add Crackle’s new live streaming supply that will further increase the scale of its private marketplaces.”

 

About SpotX

SpotX is the leading video advertising platform shaping digital video and the future of TV globally. The company’s solutions enable media owners to monetize content across all screens and streams while providing advertisers with direct access to brand-safe, premium inventory. With best-in-class technology purpose-built for video, SpotX’s trusted, privacy-compliant solutions are employed by some of the largest media owners in the world including A+E Networks, Crackle Plus, The CW Network, Dentsu CCI, Discovery, Fox Corporation, fuboTV, LG, Microsoft, Newsy, Pluto TV, Roku, Samsung, Sling TV, and Vudu. In the US, SpotX works with nearly all major OTT stakeholders and reaches 4 out of 5 viewers of ad-supported CTV, or 70 million households. SpotX is a subsidiary of Bertelsmann’s RTL Group and is headquartered in Denver with 10 offices throughout the US, EMEA, and APAC regions. Learn more at www.spotx.tv.

 

 

 

 

 


 

 

 

 

 

 

 


 

 

 

 



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Monday, March 1, 2021

Screen Media Acquires Worldwide Distribution Rights to New Series The Uncommon History of Very Common Things

Breakthrough Entertainment Begins Production of Series in Association with Chicken Soup for the Soul Entertainment and Parkside Entertainment

Will Premiere as Crackle Original in Summer 2021

COS COB, CT – Screen Media, a Chicken Soup for the Soul Entertainment company, announced today the acquisition of worldwide distribution rights, excluding Canada, to the new series The Uncommon History of Very Common Things, produced by Breakthrough Entertainment in association with Parkside Entertainment and Chicken Soup for the Soul Entertainment. Breakthrough Entertainment has begun production of the series and will also sub-distribute the series outside of the United States and Canada.

 

The series, which just started production in Toronto, will consist of ten half-hour episodes examining the unknown, sometimes shocking, and always entertaining history of everyday items that make up our lives. What kind of beer did pregnant women drink in the Middle Ages? Audiences will learn that and more with episodes that cover topics like the uncommon history of chocolate, pirates, shaving, toilet paper, football and more.

 

“We’re excited to have partnered with Chicken Soup for the Soul Entertainment and Parkside Entertainment on a show that is sure to provide international audiences with fun and unusual information and that will have viewers saying, “I’m so glad I know that!” said Craig McGillivray, Breakthrough Vice President of Distribution.

 

“This series should be great fun for Crackle viewers, covering broad ranging topics and showcasing crazy histories about everyday items,” noted David Fannon, president of Screen Media. “There is something for every viewer in any part of the world to enjoy.”

 

The Uncommon History of Very Common Things is a Crackle original series and will premiere on the network in June 2021.

 

ABOUT SCREEN MEDIA

Screen Media Ventures, LLC, a Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) company, acquires the rights to high quality, independent television series and feature films. Screen Media Ventures acquires worldwide rights for distribution through theatrical, home video, pay-per-view, free, cable and pay television, video-on-demand, and new digital media platforms. The company acquires AVOD rights for third party networks and is the main supplier of content for Crackle Plus and other Chicken Soup for the Soul Entertainment properties. With a library of over 1,500 television series and motion pictures, Screen Media Ventures is one of the largest independent suppliers of high-quality tv series and motion pictures to U.S. and international broadcast markets, cable networks, home video outlets and new media venues. For more information, visit: www.screenmedia.net.

 

ABOUT BREAKTHROUGH ENTERTAINMENT

Founded 35 years ago, Breakthrough Entertainment is an award-winning producer and distributor of original, premium content for audiences around the world.  It is also one of Canada’s most established and respected production companies.  Breakthrough’s library now boasts 50-plus feature films and 3,000 television episodes which air on major networks and digital channels worldwide. 

breakthroughentertainment.com

 

 


 

 

 

 

 

 

 


 

 

 

 



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Thursday, February 18, 2021

Cosmo’s Transformation makes the Soup

Fort Washington, PA - CDC Chairman Cosmo DeNicola has contributed his story of Personal Transformation in Chicken Soup for the Soul’s latest book “Making Me Time” now available on Amazon and Barnes & Noble. His story takes the reader back to his 50th birthday and brings them along his journey to the intersection of happy and satisfied. The book was inspired by many contributors stories of revelation once they finished their to- do lists and began making themselves a priority. The 101 stories illustrate how people took back control of their lives by carving out me Time by finding a Self-care and Life balance.

“ By making me time I became a better listener and person, stated Cosmo DeNicola”

 

 

 

 

 

 

 


 

 

 

 

 

 

 


 

 

 

 



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Thursday, February 18, 2021

Chicken Soup for the Soul Entertainment Commences Production of Season 2 of Going From Broke

Series Executive Produced by Ashton Kutcher and Hosted by Dan Rosensweig, CEO of Chegg

 

Season 2 “Real–time” Episodes Will Premiere For Free on Crackle in March

With Full Episodes Premiering in May

 

COS COB, CT – Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced that production has begun on Season 2 of its original series Going From Broke. The series is executive produced by Ashton Kutcher and hosted by Chegg CEO Dan Rosensweig. Innovative “real-time” episodes will begin premiering for free on Crackle in March.

 

Going From Broke is an unscripted series that spotlights a financial epidemic of huge proportions. Over 44 million Americans are saddled with student debt totaling over $1.7 trillion dollars. Making matters worse in Season 2, are the compounding issues of the last 12 months: COVID-19, record unemployment, and a country on the emotional and financial brink. This series aims to empower people to overcome their crippling financial struggles and become CEO of their own lives.

 

Season 2 features an updated format that follows six new cast members from around the country. During the six-week production, Crackle will conduct an innovative experiment by shooting and airing new episodes in “real time” while anchoring a larger conversation using social media platforms. The “real-time” episodes will document the casts’ emotional and financial makeovers while audiences ride along. Meanwhile, Mr. Rosensweig, Mr. Kutcher, Chegg, and Chicken Soup for the Soul Entertainment will engage in a multi-platform conversation about issues with debt, especially during the financial turmoil created by the pandemic.

 

“The COVID-19 pandemic has exacerbated the dire financial situation that so many young people already found themselves in,” said Mr. Rosensweig, host & CEO of Chegg, Inc. “In Season 2, the stakes are higher; people are struggling with unemployment, mounting debt, and potential physical and mental health issues. We have the opportunity to provide a lifeline and help them get back on track, working with them in real-time to get them on the path to financial freedom.”

 

“This awesome production model brings viewers inside the transformation process. Going From Broke is the first makeover show that invites the audience to engage with the cast, financial experts and each other across social media while watching the process unfold “live” on Crackle,” said Mr. Kutcher, who executive produced both season one and two of the series.

 

The “real-time” production culminates with finished episodes in May, ultimately revealing whether each cast member has succeeded in ‘going from broke’.

 

“We were delighted with the tremendous viewer response to the first season of Going From Broke and are excited to dive even deeper into this important issue with Season 2. We plan to incorporate the particular hardships introduced by the global pandemic and hope we will be offering helpful solutions to any of those struggling with financial burdens,” said William J. Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Entertainment.

 

The first season of Going From Broke had a record-breaking launch on the free streaming service Crackle in October of 2019 and won multiple awards including the Webby People’s Voice winner for Reality Series and the OTT.X Impact Award for Most Impactful Series. Season 1 is available for free on Crackle. Season 2 is being produced by Flicker Filmworks.

 

 


 

 

 

 

 

 

 


 

 

 

 



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Friday, February 5, 2021

Chicken Soup for the Soul Entertainment’s THE OUTPOST Wins Outstanding Song – Independent Film at Hollywood Music In Media Awards

Film also named one of the Top Ten Independent Films of the Year by National Board of Review 

NEW YORK, NEW YORK – Chicken Soup for the Soul Entertainment’s THE OUTPOST won “Outstanding Song – Independent Film” at the Hollywood Music in Media Awards this week. The win went to the song “Everybody Cries” written by Rod Lurie, Larry Groupé and Rita Wilson and performed by Rita Wilson. The critically acclaimed film was also named one of the “Top Ten Independent Films” by the 111-year-old prestigious voting group, National Board of Review.  

Directed by award-winning filmmaker Rod Lurie (The Contender, The Last Castle) and adapted by Oscar-nominated screenwriting duo Paul Tamasy and Eric Johnson (The Fighter) from Jake Tapper’s best-selling nonfiction book The Outpost: An Untold Story of American Valor, the real-life military thriller stars Scott Eastwood, Caleb Landry Jones, Orlando Bloom, Jack Kesy, Cory Hardrict, Taylor John Smith, Jacob Scipio, and Milo Gibson.

Screen Media Ventures, a Chicken Soup for the Soul Entertainment company, released THE OUTPOST on July 3rd and the film quickly shot to #1 on several VOD platforms after its debut, including Amazon, iTunes, GooglePlay, Spectrum and FandangoNOW, where it remained in the #1 spot for three weeks. THE OUTPOST remained at the top of the charts throughout the summer and resurfaced as #1 on iTunes in September. It is “Certified Fresh” on Rotten Tomatoes, with a 92% rating.

In this military thriller, a tiny unit of U.S. soldiers, alone at the remote Combat Outpost Keating, located deep in the valley of three mountains in Afghanistan, battles to defend against an overwhelming force of Taliban fighters in a coordinated attack. The Battle of Kamdesh, as it was known, was the bloodiest American engagement of the Afghan War in 2009 and Bravo Troop 3-61 CAV became one of the most decorated units of the 19-year conflict.

Three soldiers who fought at COP Keating appear in the film including Medal of Honor recipient Ty Carter (whom Caleb Landry Jones portrays). THE OUTPOST was produced and financed by Millennium Media with producers Paul Merryman, Paul Tamasy, Marc Frydman, Jeffrey Greenstein, Jonathan Yunger, Les Weldon and Yariv Lerner; and executive produced by Avi Lerner, Trevor Short, Rob Van Norden, Boaz Davidson, John Kalafatis, Tommy Vlahopoulos, Joanna Kalafatis, Jake Tapper, Eric Johnson and Andrey Georgiev.

 


 

 

 

 

 

 

 


 

 

 

 



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Friday, January 15, 2021

Chicken Soup for the Soul Entertainment Announces $22.5 Million Private Placement

 COS COB, CT – Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced it has entered into definitive agreements with institutional and accredited investors for the private placement of $22.5 million of Chicken Soup for the Soul Entertainment’s common stock (the “Private Placement”).

 

Pursuant to the terms of the Private Placement, Chicken Soup for the Soul Entertainment has agreed to sell an aggregate total of 1,022,727 shares of common stock (the “Common Shares”) at a price of $22.00 per Common Share.

 

Chicken Soup for the Soul Entertainment has also agreed to file a registration statement with the SEC to register the resale of the Common Shares.

 

Chicken Soup for the Soul Entertainment expects to close the Private Placement on or about January 20, 2020, subject to the satisfaction of customary closing conditions.

 

Craig-Hallum Capital Group LLC is acting as exclusive placement agent to Chicken Soup for the Soul Entertainment.

 

The securities sold in the Private Placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (“SEC”) or an applicable exemption from such registration requirements.

 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

 

 

 

 

 

 

 


 

 

 

 



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Tuesday, December 22, 2020

Sony Pictures Television and Chicken Soup for the Soul Entertainment Strengthen Relationship to Position Company for Further Growth

Sony Obtains Preferred Stock Position, Giving Chicken Soup for the Soul

100% Ownership of Crackle Plus 

 

COS COB, CT – Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced that, pursuant to the terms of the Crackle Plus joint venture agreement entered into in May 2019, Sony Pictures Television (SPT) exercised its option with respect to its ownership stake in Crackle Plus, giving SPT the right to obtain $40 million of preferred stock in Chicken Soup for the Soul Entertainment in exchange for its ownership stake in Crackle Plus. For the next 30 days Chicken Soup for the Soul Entertainment has the right to pay cash in lieu of some or all of the preferred stock. The Company has already determined that it will give Sony some portion in preferred stock. The transaction gives Chicken Soup for the Soul Entertainment 100% ownership and control of Crackle Plus.

 

“Sony has been an incredible partner for Chicken Soup for the Soul Entertainment and this transaction is the natural next step in our relationship,” said William J. Rouhana Jr, chief executive officer of Chicken Soup for the Soul Entertainment. “We welcome Sony as a large shareholder and look forward to continuing to work closely with them.”

 

“Chicken Soup for the Soul Entertainment has done a remarkable job integrating Crackle into their business,” said Erik Moreno, EVP Mergers & Acquisitions and Corporate Development for Sony Pictures Entertainment. “We look forward to strengthening our relationship as we move forward.”

 

Since acquiring Crackle from Sony in May 2019, the management of Chicken Soup for the Soul Entertainment has reduced the network’s cost structure, ramped up ad sales on its owned and operated networks and differentiated the network among other AVOD offerings through its strong complement of original and exclusive content. Additionally, Chicken Soup for the Soul Entertainment has steadily expanded its distribution and production pipeline as well as its content library, which now comprises over 10,800 movies and 22,000 television episodes available for its AVOD networks. The company is now investing in steps to further grow viewership across the Crackle Plus networks.  

 


 

 

 

 



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