 | |
| Company type | Public |
|---|---|
| OTC Pink Limited: CSSEQ | |
| Industry | Entertainment |
| Founded | June 9, 2016 [1] |
| Founders | William J. Rouhana, Jr. |
| Defunct | July 10, 2024 |
| Fate | Chapter 7 bankruptcy liquidation |
| Headquarters | Cos Cob, Connecticut, U.S. |
Area served | Worldwide |
| Parent | Chicken Soup for the Soul |
| Subsidiaries | |
Chicken Soup for the Soul Entertainment, Inc. was an American media company based in Cos Cob, Connecticut. Established in 2016, [1] it was a subsidiary of the publisher Chicken Soup for the Soul.
In 2008, the founders of Chicken Soup for the Soul, Jack Canfield and Mark Victor Hansen, sold the company to a new ownership group led by William J. Rouhana and Robert D. Jacobs. [2]
In 2013, the company announced plans to produce a television series and a film with Alcon Entertainment. Chicken Soup for the Soul has produced television programming with other partners, including PBS. [3] In 2016, Chicken Soup for the Soul acquired a majority stake in the website A Plus. [4]
Chicken Soup for the Soul Entertainment went public in 2017. [5] In November 2017, it acquired Screen Media Ventures, LLC, an independent television and film distribution company, which included Popcornflix, an ad-based online video service. [6] [7]
On March 28, 2019, it was announced that Sony Pictures Television would sell a majority stake of Sony Crackle to Chicken Soup for the Soul Entertainment, after which the service would revert to the "Crackle" name. [8] [9]
On November 5, 2019, it was announced that the Chicken Soup for the Soul Entertainment division would purchase foreign sales company Foresight Unlimited for the new Screen Media division. [10]
On December 15, 2020, Sony traded its remaining shares in Crackle for a yet to be disclosed preferential stake in Chicken Soup for the Soul Entertainment, giving them full control of the ad-supported streaming service. [11] As of 2020, the Chicken Soup for the Soul series included more than 250 titles. [12]
In April 2021, Chicken Soup for the Soul acquired the film and television catalogue of Sonar Entertainment. In return, Sonar will hold a 5 percent stake in a new AVOD network featuring its library. [13] Through the acquisition, Chicken Soup now currently owns the North American rights to a majority of the Laurel & Hardy films and shorts, and most of the Our Gang library, as well as the holdings of the former RHI/Hallmark/Cabin Fever/Sonar outputs, and a majority of the Hal Roach library, all via their Halcyon Studios division.[ citation needed ]
On March 2, 2022, Chicken Soup for the Soul Entertainment announced its acquisition of specialty film distributor, 1091 Pictures, for $15.55 million, in a mix of cash ($8 million) and stock (newly issued Series A preferred stock and Class A common stock). The deal included an estimated 4,000 movies and TV series from the 1091 catalog, as well as its portfolio of free, ad-supported networks and channels. [14]
On May 11, 2022, Chicken Soup for the Soul Entertainment announced its intention to acquire Redbox for $357 million ($36 million in stock and $321 million in assumed debt). [15] The acquisition closed on August 11, 2022. [16]
On April 1, 2024, Chicken Soup for the Soul Entertainment received a delisting notice from Nasdaq, informing that the company's stock would be delisted from the Nasdaq after it had 180 days to return to compliance. [17]
On April 23, 2024, Chicken Soup for the Soul Entertainment announced a $636.6 million loss in 2023, and warned that without any options to generate additional financing, the company may be forced to liquidate or pause operations, and seek a potential Chapter 11 bankruptcy protection filing. [18] In June 2024, chairman and CEO Bill Rouhana removed the company's board of directors. [19] On June 29, the company filed for Chapter 11 bankruptcy protection after cutting benefits in May, missing a week of paying its employees, and failing to secure financing. [20] [21] [22]
On July 1, 2024, former federal prosecutor Bart Schwartz replaced Rouhana as CEO, and a new board of directors was installed. [23] On July 5, the company was able to secure funding to restore payroll and benefits. [24]
On July 10, 2024, a bankruptcy judge ordered Chicken Soup for the Soul Entertainment's Chapter 11 bankruptcy to be converted into a Chapter 7 bankruptcy liquidation after accusing Rouhana of misusing the business and failing to pay employees or support healthcare. With the Chapter 7 conversion, the company's assets will be liquidated, resulting in the cessation of its subsidiaries, including Crackle, Popcornflix, Redbox and Screen Media. In addition, over 1,000 employees were laid off and over 26,000 Redbox kiosks were shut down permanently. [25] [26]
Game Show Network (GSN) is an American basic cable channel owned by the television network division of Sony Pictures Television. The channel's programming is primarily dedicated to game shows, including reruns of acquired game shows, along with new, first-run original and revived game shows. The network has also previously aired reality competition series and televised poker.
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Sony Pictures Entertainment Inc. is an American diversified multinational mass media and entertainment studio conglomerate that produces, acquires, and distributes filmed entertainment through multiple platforms. Through an intermediate holding company called Sony Film Holding Inc., it is operated as a subsidiary of Sony Entertainment Inc., which is itself a subsidiary of the multinational technology and media conglomerate Sony Group Corporation.
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Chicken Soup for the Soul, LLC is an American self-help and consumer goods company based in Cos Cob, Connecticut. It is known for the Chicken Soup for the Soul book series. The first book, like most subsequent titles in the series, consisted of inspirational true stories about ordinary people's lives. The books are widely varied, each with a different theme.
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Halcyon Studios, LLC, formerly known as Sonar Entertainment, RHI Entertainment, Hallmark Entertainment, Qintex Entertainment, HRI Group and Robert Halmi Inc., was an American entertainment company specializing in the production and distribution of scripted television content, part of Chicken Soup for the Soul Entertainment. It was founded in 1979 by Robert Halmi Jr. and Robert Halmi Sr. (1924–2014) as Robert Halmi, Inc. The company uses the direct-to-series model for TV series.
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Screen Media Ventures, LLC was an American-Canadian distribution company founded in 2001 and owned by Chicken Soup for the Soul Entertainment since 2017 alongside its subsidiary Popcornflix. In 2008, Screen Media selected The Creative Coalition as its exclusive nonprofit partner in launching the Spotlight Initiative. The partnership permits the pursuit of active outreach efforts for issues showcased in Screen Media produced and distributed motion pictures. While the Spotlight Initiative serves as a strategic business component that will create unique marketing, branding, and advertising opportunities as well as value for mass marketers, it also enhances America's cultural connection to the stories and social agendas of our times.
Popcornflix LLC was a website and over-the-top (OTT) service offering free ad-supported streaming video of feature-length movies and webisodes owned by Chicken Soup for the Soul Entertainment.
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