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Jonathan Katz, who founded Katz Networks and sold it to EW Scripps, has been named Chicken Soup for the Soul Entertainmentit completes its Acquired Redbox Entertainment for $375 million.
Katz, people who left Scripps last yearwho will oversee the company’s operations, including streaming services, Redbox kiosks and original content studios.
Galen Smith, formerly Redbox’s CEO, has been named Executive Vice Chairman of Soul Entertainment’s Chicken Soup. He will oversee the company’s future growth plans, including future acquisitions.
Katz and Smith will William Ruhana Jr.., Chairman and CEO of Soul Entertainment Chicken Soup.
Also: Jonathan Katz sees technology creating opportunity in TV business
“I’ve been looking forward to the day when Redbox will be part of the Soul Entertainment family of chicken soup—and today is that day. The Redbox brand, a staple of American entertainment, now joins our strong portfolio of streaming brands, including Crackle, Popcornflix and Chicken Soup for the Soul,” said Rouhana,
“These collective assets create a complete streaming business for a new era of digital entertainment, which we expect will significantly accelerate our company’s growth and profitability well beyond our original plans. The team at Redbox has been incredible, they Will be joining an equally talented team providing chicken soup to Soul Entertainment. I am delighted to welcome our new colleagues and look forward to sharing more of our plans for the future,” said Ruhana.
Soul Entertainment’s Chicken Soup expects the combined company to end 2022 with more than $500 million in revenue and $100 million to $150 million in adjusted EBITDA. It expects to achieve annual operating cost synergies of more than $40 million by 2023.
The company said it also sees numerous opportunities to drive revenue synergies from its complementary assets, including expanding ad inventory by distributing its larger content library and production pipeline across AVOD and FAST channels, as well as increasing TVOD for original film productions window access. ■
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