Redbox stockholders approve Chicken Soup merger

 
Posted8/10/2022 2:51 PM

OAKBROOK TERRACE -- Redbox Entertainment Inc. said its stockholders have approved the previously announced merger with Chicken Soup for the Soul Entertainment Inc.

At a special meeting of Redbox stockholders held Tuesday, a total of 40.8 million shares of common stock of Redbox were present in person or by proxy, and 39.5 million of the votes cast were voted in favor of the Redbox merger proposal. The favorable vote represents approximately 85% of the outstanding shares of Redbox common stock entitled to vote at the special meeting, the company said.

 

Chicken Soup for the Soul Entertainment is one of the largest operators of advertising-supported video-on-demand streaming services. The value of the all-stock deal is about $375 million, most of which is the assumption of Redbox debt, according to various news reports.

Redbox has transitioned from a purely DVD rental company with about 38,000 self-service kiosks, to a multifaceted entertainment company with on-demand video and distribution of original feature films with a growing library of content.

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