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Why Redbox has been powering down
The bankruptcy of Redbox’s parent company came after months of chaos, cash crunch, and corporate upheaval.
Chicken Soup acquired a bunch of companies over the following years, including the film distribution outlet Screen Media and the pioneering free streaming service Crackle. Chicken Soup planned to follow Netflix’s playbook, with CEO Bill Rouhana telling The Verge ’s David Pierce last year that Redbox’s kiosks “could be the cash flow machine that allowed us to build out our digital business over the next decade.” Redbox’s social media accounts have been happily posting through the entire crisis, publishing memes and movie trivia as if nothing had happened — until the company’s dire reality became too hard to ignore.
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