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Redbox Entertainment Inc.

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Year established

2002

Location

Oakbrook Terrace IL US

Primary Industry

Media

About

Based in Illinois, US, and founded in 2002, Redbox Entertainment Inc., formerly known as Redbox Automated Retail, LLC, operates kiosks that provide rental services for movies. In December 2005, Coinstar, Inc. acquired a 47.3% minority stake in the company for USD 32 million, and eventually, in January 2008, Coinstar, Inc. exercised its option to acquire a majority ownership interest in the voting equity of Redbox Automated Retail, LLC, increasing its ownership interest from 47.3% to 51%. In July 2013, Coinstar, Inc. rebrands to Outerwall, Inc. and was taken private by Apollo Global Management, LLC in September 2016. Subsequently, Outerwall was split into 3 enterprises, one of which was Redbox Automated Retail, LLC, and Galen Smith was appointed as its CEO who remains to be in the position as of July 2021. In May 2021, the company agreed to be taken public through a business combination with blank check company Seaport Global Acquisition Corp. and is expected to close in the third quarter of 2021. Redbox Automated Retail, LLC operates a chain of kiosks (vending machines) that are located at convenience stores, fast-food restaurants, grocery stores, mass retailers, and pharmacies. These automated kiosks offer DVDs, Blu-rays, and 4K UHD movies for rent to its customers. Consumers have the option to rent a movie from one location and return their rental to any of the company's other kiosk locations. Other than the kiosks, the company's offerings also include a smartphone application that its consumers can use to reserve a movie and pick it up at the selected Redbox location. The company also offers subscription-based annual plans and free streaming services. Redbox Automated Retail, LLC daily rental fees at a Redbox kiosk is a flat fee plus tax for each disc and, if the consumer chooses to keep the movie or video game for additional days, the consumer is charged for each additional day at the same daily rental fee. Also, the company earns its revenue by offering annual plans offered in 2 tiers, USD 9.99 per year or USD 19.99 per year. In 2020, Redbox Automated Retail, LLC generated USD 546 million in revenue. Following the agreement to combine with Seaport Global Acquisition Corp. in May 2021, future growth plans of Redbox Automated Retail, LLC includes expansion of ad-supported video through a growing content library, launch and scale of SVOD channels business, increase its marketing to drive product awareness and adoption, and grow its exclusive content library asset through Redbox Entertainment.
Current Investors
Apollo Global Management, Legendary Entertainment, Lionsgate

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Primary Industry
Media
Sub Industries
Digital Media, Television & Film
Website
https://about.redbox.com
Verticals
Mobile Apps
Total Amount Raised
Subscriber access only

Deals

Deals Type
Trade Sale
Buyout
Private Debt
Deal Status Target (s) Deal Date Investor(s) Seller(s) Deal size (Mn) Enterprise value (Mn) Post-money valuation (Mn) EBITDA multiple (x) Revenue multiple (x) Lead partner (s)
Completed Redbox Entertainment Inc. 11 May 2022
Completed Redbox Entertainment Inc. 27 Sep 2016
Completed Redbox Entertainment Inc. 01 Sep 2016
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