Rooster Soup for the Soul Leisure
Rooster Soup for the Soul Leisure, the leisure firm that operates Redbox, Crackle and different companies, filed for Chapter 11 chapter safety — after failing to pay staff and distributors for a minimum of the previous week.
The corporate’s June 28 chapter petition was filed within the U.S. Chapter Courtroom for the District of Delaware. Within the submitting, Rooster Soup for the Soul Leisure listed complete money owed of $970 million and consolidated belongings of $414 million as of March 31, 2024.
As of March 31, Rooster Soup for the Soul Leisure reported money and equivalents of $4.9 million, which included $4.6 million of restricted money.
Collectors listed on CSSE’s chapter embody Common Studios House Leisure (which is owed $16.7 million) in addition to Common Metropolis Studios Productions ($16.7 million), Sony Photos House Leisure ($9.1 million), BBC Studios Americas ($9 million), Walgreens ($5 million), Lionsgate ($4.6 million), Walmart ($4.1 million), Vizio ($2.75 million), Warner Bros. House Leisure ($2 million), and Paramount Photos ($1.96 million) and Paramount House Leisure ($1.2 million).
The corporate had beforehand reported in an SEC submitting that on June 11, 2024, chairman and CEO Invoice Rouhana Jr. (proprietor of 79% of the voting energy represented in its excellent frequent inventory) had dissolved its board of administrators.
Rooster Soup for the Soul Leisure owns and operates three flagship ad-supported streaming companies: Redbox, Crackle and Rooster Soup for the Soul. As well as, the corporate operates Redbox Free Dwell TV, a free, ad-supported streaming tv service (FAST), a transactional VOD service, and the community of about 27,000 Redbox rental kiosks throughout the U.S. The corporate produces, acquires and distributes movies and TV sequence by its Display screen Media and Rooster Soup for the Soul TV Group subsidiaries.
The corporate acquired a majority stake in Crackle from Sony Photos Tv in 2019. CSSE introduced the shut of its acquisition of Redbox in August 2020, in a deal valued at $370 million; with the takeover of Redbox, Rooster Soup for the Soul Leisure assumed $359.9 million of debt.
Rooster Soup for the Soul Leisure is a subsidiary of Rooster Soup for the Soul LLC, which publishes the well-known e-book sequence and produces pet meals underneath the Rooster Soup for the Soul model title.