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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.