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Redbox announced that CEO Galen Smith will join the Canaccord Genuity 41st Annual Growth Conference on August 12, 2021, at 4:00 PM ET. Previously, on May 17, 2021, Redbox entered into a definitive merger agreement with Seaport Global Acquisition Corp. (Nasdaq: SGAM). The transaction, expected to close in Q3 2021, will make Redbox publicly traded under ticker RDBX. Redbox aims to enhance its multi-product experience across physical and digital channels, leveraging its nationwide footprint and expanding streaming services, including digital rentals and free content.
Redbox Entertainment has forged a partnership with Command Films to produce six films over three years, focusing on amplifying Black voices in commercial genres. CEO Galen Smith emphasized Redbox's commitment to representation and diverse storytelling. Command, led by Charles Murray and Marc Danon, aims to foster Black creativity in the industry. Redbox’s original content strategy has seen it release over 21 films since 2019, and the company is transitioning to become a publicly traded entity through its merger with Seaport Global Acquisition Corp (SGAM).
Redbox Entertainment and Quiver Distribution have secured the North American distribution rights to the film BANDIT, which features stars like Josh Duhamel and Mel Gibson. Set for a 2022 release in theaters and on-demand, BANDIT is directed by Allan Ungar and based on the true story of Gilbert Galvan Jr., who committed 63 heists. The partnership aims to deliver this gripping crime drama to a broad audience. Redbox is also advancing its strategy to become a publicly-traded company through a merger with Seaport Global Acquisition Corp. (Nasdaq: SGAM).
On July 14, 2021, Redbox management presented its future growth plans during an analyst meeting. The company aims to enhance its entertainment offerings across physical and digital channels, leveraging its strong brand and loyal customer base of over 39 million Redbox Perks members. Redbox is set to merge with Seaport Global Acquisition Corp. (SGAM, SGAMU), with the transaction expected to close in Q3 2021, transitioning Redbox to a publicly traded entity. The company anticipates a significant recovery in its physical kiosk business as theaters reopen, and aims to capitalize on the growing $58 billion digital video market.
Redbox is expanding its free, ad-supported streaming platform with the addition of new content across Free Live TV and Free On Demand. The Free Live TV service now offers 100 channels, featuring popular partners such as Crackle and Cheddar News, targeting its 40 million customers. Free On Demand has increased its movie catalog with new titles from various studios. Redbox's ongoing transformation includes a planned merger with Seaport Global Acquisition Corp. (Nasdaq: SGAM, SGAMU), expected to conclude in Q3 2021, allowing Redbox to invest in innovation and reduce debt.
Redbox Entertainment has secured the North American distribution rights for SHE BALL, a feature film by Nick Cannon, set to release on August 6 in theaters and On Demand. The film, which stars Cannon alongside a cast including Cedric the Entertainer and Chris Brown, explores themes of basketball, race, and justice through the story of Avery Watts trying to save a community center. This acquisition is part of Redbox's strategy to expand its content offerings, following a recent agreement with Seaport Global Acquisition Corp. (SGAM, SGAMU) to become publicly traded.
Redbox Entertainment has secured the North American distribution rights to THE LAST SON, featuring stars like Sam Worthington and Colson Baker. Directed by Tim Sutton, this film is set in the late 19th century and revolves around a murderous outlaw's quest to evade his death while tracking down his son. The film will be released in theaters and On Demand later this year. This acquisition is part of Redbox's strategy to expand its original content slate, which currently serves over 40 million customers. The deal was facilitated by executives from Redbox and VMI Worldwide.
Redbox has partnered with Chicken Soup for the Soul Entertainment (Nasdaq: CSSE) to introduce the Popcornflix Channel to its Free Live TV service, launching later this month. The channel will feature popular titles like Robert the Bruce and The Poseidon Adventure, joining nearly 100 channels available on Redbox's platform. This collaboration aims to enhance Redbox's offering, leveraging its extensive kiosk network and digital capabilities. The partnership is a strategic move as Redbox combines with Seaport Global Acquisition Corp. (Nasdaq: SGAM, SGAMU) to become a publicly traded company.
Redbox has announced a merger with Seaport Global Acquisition Corp., marking its entry into public trading with an enterprise value of $693 million. Post-transaction, Redbox will list under the ticker RDBX. Shareholders, including Apollo Global Management, will retain 59% of equity. The merger aims to enhance Redbox's digital transformation and debt reduction, potentially increasing revenue through various entertainment models. The deal has received board approval and is set to close in Q3 2021, relying on $145 million from Seaport's trust account and a $50 million PIPE led by Ophir Asset Management.