---
title: Cosmo DeNicola Companies News | Sony
description: Sony |
---

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# Cosmo DeNicola Companies News

 Tuesday, December 22, 2020

[![](https://www.cosmodenicola.com/hubfs/Chicken%20Soup/CSSE%20Twitter%20Banner-1-1-1.png) ](https://www.cosmodenicola.com/news/sony-pictures-television-and-chicken-soup-for-the-soul-entertainment-strengthen-relationship-to-position-company-for-further-growth)

## 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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 Monday, November 16, 2020

[![](https://www.cosmodenicola.com/hubfs/image002-1.jpg) ](https://www.cosmodenicola.com/news/chicken-soup-for-the-soul-entertainment-and-sony-pictures-television-extend-crackle-plus-option)

## Chicken Soup for the Soul Entertainment and Sony Pictures Television Extend Crackle Plus Option

 

 

**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 the 30-day extension of a key deadline related to Sony Pictures Television’s (SPT) Crackle Plus ownership option.

 

Pursuant to the Crackle acquisition agreement in May of 2019, Sony Pictures Television was required to decide by November 14, 2020 whether to convert its current ownership of Chicken Soup for the Soul Entertainment’s Crackle Plus subsidiary into 49% of the common ownership of  Crackle Plus or into $40 million of Chicken Soup for the Soul Entertainment’s preferred shares. SPT and the company have mutually agreed to an extension to consider these options and potential alternatives, and SPT will now be required to make a decision by December 14, 2020.

 

“We have always seen a path to an expanded relationship with Sony and we are looking forward to taking this additional time to evaluate opportunities to strengthen our partnership,” said William J. Rouhana Jr, Chairman & CEO of Chicken Soup for the Soul Entertainment.

 

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