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Redbox Owner Chicken Soup For The Soul Entertainment Files For Chapter 11 Bankruptcy Protection
After months of financial struggles, Redbox parent Chicken Soup for the Soul Entertainment has filed for Chapter 11 bankruptcy protection.
In addition to the financial burden of the transaction, the Hollywood studio pipeline was constricted by the dual strikes in 2023 and physical rentals also continue to decline. The Redbox deal capped off a series of acquisitions since the company’s initial public offering in 2017 as a spinoff from the popular Chicken Soup line of self-help books. At one point, the company had built itself into one of the top players in free, ad-supported streaming, with Crackle, Popcornflix and an eponymous Chicken Soup outlet designed for more wholesome, female-skewing programming.
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