Entertainment

Chicken Soup for the Soul buys 1091 paintings for $15.6 million – The Hollywood Reporter

Chicken Soup for the Soul Entertainment has revealed an agreement to acquire the properties of 1091 Media studios as part of a $15.6 million cash and stock deal.

The agreement, subject to closing conditions, provides 1091 Pictures with $8 million in cash, $2 million in newly issued preferred NASDAQ shares valued at $25 each, and 375,000 shares of common stock. other class A $14.80 each. And the acquisition of 1091 Pictures aims to accelerate Chicken Soup’s strategy to launch a standalone ad-supported AVOD or video-on-demand streaming service by doubling the size of its content portfolio. its.

1091 Pictures brings about 4,000 movies and TV series to Chicken Soup, including The Ghost of Peter Sellers, Linda Ronstadt: The Sound of My Voicesports series A child from Coney Island, Executive producer by Kevin Durant and Taika Waititi’s Hunt for the Wild.

“The 1091 Pictures team has transformed their large content library into a modern, scalable distribution platform with a compelling channel list that is a pragmatic addition to our existing assets.” David Fannon, president of Screen Media Ventures, Chicken Soup for the Soul Entertainment said in a statement.

The deal with 1091 Pictures comes as Hollywood media outlets increasingly target online advertising as a new front in the streaming war beyond subscription VOD services. The 1091 Pictures acquisition and distribution divisions will be merged into Screen Media’s own groups, and the 1091 Pictures-owned channel business will be integrated into the Crackle Plus network as Chicken Soup develops streaming services. and the FAST channel.

“We are very optimistic that the size and reach of the combined teams begins an exciting journey for us to be able to further leverage this powerful combination of assets,” said Eric Min, general manager and head of content at 1091 Pictures, added. declare.

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