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Redbox Owner Chicken Soup for the Soul Files for Chapter 11

After months of financial struggles, Redbox parent Chicken Soup for the Soul Entertainment has filed for Chapter 11 bankruptcy protection.

The Redbox deal capped off a series of acquisitions following the company’s initial public offering in 2017 as a spinoff from the popular Chicken Soup line of self-help books. At one point, the company had built itself into one of the top players in free, ad-supported streaming, with Crackle, Popcornflix and an eponymous Chicken Soup outlet designed for more wholesome, female-skewing programming. The streaming momentum, which boosted the company’s stock past $40 in 2021, dissipated after Wall Street took a harsher view of the emerging business model and the complications of Redbox became apparent.

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