Major media giant follows Blockbuster into bankruptcy - in another victory for major streaming companies
What assets did CSSE report in their bankruptcy filing?
CSSE reported approximately $414 million in assets in their bankruptcy filing. These assets include their ownership of Redbox, which has around 27,000 kiosks across the U.S., and their streaming services, such as Redbox Live TV and Crackle.
What caused Chicken Soup for the Soul Entertainment to file for bankruptcy?
Chicken Soup for the Soul Entertainment filed for Chapter 11 bankruptcy protection due to nearly $1 billion in debt, months of financial struggles, and unpaid bills2. The company's acquisition of Redbox in 2022 added significant debt and failed to generate expected revenue, contributing to the financial difficulties.
How much debt did CSSE have when they declared bankruptcy?
CSSE had nearly $1 billion in debt when it filed for Chapter 11 bankruptcy protection. The filing revealed that the company took on around $325 million in debt when it purchased Redbox from private equity company Apollo Global Management5.