Redbox acquires Seaport Global | Major Businesses | Business | News | Rapid TV News
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In a move that it says will not only accelerate its digital transformation but also simplify the streaming experience it offers with an affordable, multi-product rental ecosystem, film and entertainment provider Redbox has completed its previously announced business combination with Seaport Global.
REdBox 23Sep2021
As a result of the merger, the merged entity will be known as Redbox Entertainment Inc. The transaction, combined with a fully committed investment line of $50 million led by Ophir Asset Management and backstop agreements with certain funds announced on 11 October 2021 will provide Redbox with approximately $88 million in cash. Redbox say that it intends to use the funds from the transaction to pay down existing debt, pay transaction.

The company believes that through the transaction, and the incremental capital it provides, it is equipped to advance its goal of creating a one stop experience that spans multiple entertainment mediums and simplifies the streaming experience.

“Today marks the beginning of Redbox’s next chapter,” commented Galen Smith, CEO of Redbox. “We are eager to capture the significant and growing opportunities ahead, take our business to the next level and achieve profitable growth for Redbox shareholders…Since revolutionising the way Americans rent movies nearly two decades ago, Redbox has continuously evolved and expanded our reach – all while offering our millions of loyal customers exceptional value in home entertainment. Today, we are building on our legacy and reaffirming our commitment to delivering a wide range of choice and convenience for consumers, as well as value for our Redbox stakeholders.”