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Chicken Soup for the Soul Entertainment, Parent of Redbox, Files for Chapter 11 Bankruptcy Disclosing Nearly $1 Billion in Debt
Chicken Soup for the Soul Entertainment, which operates Redbox, Crackle and other businesses, filed for Chapter 11 bankruptcy protection.
In the filing, Chicken Soup for the Soul Entertainment listed total debts of $970 million as of March 31. The company had previously reported in an SEC filing that on June 11, 2024, chairman and CEO Bill Rouhana Jr. (owner of 79% of the voting power represented in its outstanding common stock) had dissolved its board of directors. In addition, the company operates Redbox Free Live TV, a free, ad-supported streaming television service (FAST), a transactional VOD service, and the network of about 27,000 Redbox rental kiosks across the U.S.
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