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Chicken Soup for the Soul Entertainmentclosed earlier this month Acquires Redbox for $375 millionset up a new roster of senior executives for the combined company.
Galen Smithformer CEO red box, previously confirmed to remain in post after the transaction. Smith will serve as executive vice chairman of soul entertainment companies Redbox and Chicken Soup, overseeing long-term planning, including strategy, mergers and acquisitions and corporate services.
Former EW Scripps executive Jonathan Katz was also announced as president of the combined company.He will lead day-to-day operations, including stream mediakiosks, distribution and studios.
Both Smith and Katz will report to Soul Entertainment’s Chicken Soup CEO Bill Ruhana.
Many executives will report to Smith. They include Peter Binazeski, senior vice president of corporate communications; Marisa Famulare, chief people officer; Jason Kwong, chief innovation officer; Chris Mitchell, chief financial officer; Elana Sofko, chief strategy officer; and Fred Stein, chief legal officer.
Michael Chamberlain, Chief Operating Officer and President of Redbox, will report to Katz; David Allender, Studio CEO and Head of Chicken Soup, Soul TV Group; David Fannon, Chief Acquisition and Distribution Officer; Mike Feld, Chief Marketing Officer Nano; Chief Revenue Officer. Philip Gelton; and Chief Digital Officer Adam Mossam.
Ellender will continue to lead the development and production of original content across all owned and operated platforms, which now include Redbox kiosks and streamers, as well as third-party production. Fannon will still oversee the acquisition and distribution of all domestic and international content, expand his remit to Redbox, and remain president of Screen Media Ventures.
Feldner added the combined company to his Redbox role, responsible for all marketing, branding and creative services, while leading the company’s analytics and insights activities. Guelton is expanding his role to lead all advertising sales and operations and revenue partnerships across the company. Mosam is increasing oversight of the company’s streaming business, including product, technology and platform distribution.
“Our new senior leadership team brings together some of the best executive streaming and entertainment business, and has laid the foundation for our continued success,” said Ruhana. “As we continue to grow, this team has the knowledge, skills and drive to build a company that delivers premium entertainment to value-conscious consumers. of large companies. “
CSSE has grown into an eccentric but mighty presence in the free, ad-supported streaming business by continually surpassing its weight. The company has beaten some of its bigger potential buyers, acquiring Crackle from Sony, as well as the assets of Screen Media, 1091 Media and Robert Halmi Sr.’s Sonar Entertainment. It nurtured free streaming platforms like Popcornflix long before prevailing industry sentiment turned more firmly toward supporting the potential of advertising as a key revenue engine.
CSSE stock has been caught in the crossfire, losing nearly a third of its value so far in 2022, as Wall Street has taken up the investment thesis on streaming as a class. However, they have gained more than 40% since the Redbox deal was announced in May. They were down 8% at $10.50 at noon today on light trading volume.
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