What happened to Chicken Soup for the Soul Entertainment?

Chicken Soup for the Soul Entertainment, the entertainment company that operates Redbox, Crackle and other businesses, filed for Chapter 11 bankruptcy protection - after failing to pay employees and vendors in the past week. The company's June 28 bankruptcy petition was filed in the U.S. Bankruptcy Court for the District of Delaware.

Why did Chicken Soup for the soul buy Redbox?

Chicken Soup for the Soul acquired Redbox in 2022. At the time, the company billed the merger as the start of an entertainment conglomerate set to reach consumers across mediums and boost revenue, but losses continued to pile up. The acquisition also included the assumption Redbox's reported $325 million in debt.

How many Chicken Soup for the soul kiosks are there?

In Friday's filing, Chicken Soup for the Soul noted that it currently operates about 27,000 kiosks across the U.S. — down from 36,000 at the Redbox acquisition was finalized in August 2022. Chicken Soup for the Soul also operates ad-supported streaming and video on-demand offerings.