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Ailing Redbox Owner Chicken Soup For The Soul Entertainment Removes Entire Board Of Directors Except For Chairman And CEO Bill Rouhana
Chicken Soup for the Soul Entertainment, the ailing parent of video kiosk operator Redbox, has gotten rid of its entire board of directors.
In a typical corporate governance structure, the board of directors acts as a check on a company’s management team, with oversight of executive compensation and the ability to scrutinize strategic plans or transactions. While the filing does not identify the shareholder responsible for the board exits, Chicken Soup for the Soul Holdings, which controls the publishing rights to the namesake franchise as well as ancillary businesses like a pet food line, has accumulated a large stake in CSSE in recent months. After CSSE closed its biggest M&A deal to date in mid-2022, a $375 million merger with video retailer Redbox, it staggered under the debt load of the transaction along with the impact of the 2023 strikes on the Hollywood film pipeline and ongoing changes to movie consumer habit.
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