Chicken Soup For The Soul's parent company Redbox faces major turmoil after missing a $4 million payment to NBCUniversal and firing its entire board of directors. Get the latest updates on this unfolding corporate drama.

🚨 Hold onto your seats!

Chicken Soup For The Soul, the parent company of Redbox and Crackle, has just dropped a bombshell by firing its entire board of directors and managers. That’s right, everyone except CEO William J. Rouhana, Jr. has been axed! This dramatic shake-up was spearheaded by a major shareholder wielding over 75% voting power. Corporate coup, anyone?

💥 But wait, it gets juicier!

The plot thickens as Redbox has catastrophically failed to make a crucial $4 million payment to NBCUniversal, part of a settlement for unpaid royalties. Missing this payment could mean coughing up the entire $16.7 million they owe. This all started when NBCUniversal claimed Redbox hadn’t been paying royalties, leading to a payment plan that Redbox has now fumbled. First payment? Missed. Drama? Through the roof.

📉 And the hits keep coming!

Redbox is getting hammered by plummeting ad revenue from its free streaming services and a sharp decline in DVD rentals. According to an SEC filing discovered by NextTV, their revenue plummeted by a staggering 75% in Q1 2024 compared to the same period last year. Talk about a financial freefall!

💸 Strap in for more financial turmoil!

Chicken Soup For The Soul is in dire straits after acquiring Redbox in 2022 for $50 million in stock and taking on a crushing $325 million in debt. With a shaky media landscape and a collapsing ad market, they’re facing some serious existential questions. Back in August, CEO Rouhana hinted at a “strategic review” to evaluate their options—corporate speak for “we might be up for sale.”

🌪 Despite the chaos,

Chicken Soup For The Soul is putting on a brave face, insisting they can navigate through this financial storm and keep their commitments to partners. But let’s be real—the future looks as uncertain as ever. Will they sink or swim? Only time will tell.

👀 Stay tuned for the next twist!

Chicken Soup For The Soul has yet to comment on these explosive developments, but rest assured, we’re on the edge of our seats waiting for more details.