Chicken Soup for the Soul Entertainment: Acquisition of 1091 Completed Images by Chicken Soup for the Soul Entertainment – Form 8-K/A
Acquisition of 1091 images completed by Chicken Soup for the Soul Entertainment
COS COB, CT – March 7, 2022 – Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) (“the Company”), a leading operator of ad-supported video-on-demand (“AVOD”) networks, announced today Today the closing of the previously announced acquisition of the assets of 1091 Media, LLC including its distribution business known as “1091 Pictures”. The purchase price was approximately $15.6 million in cash, Series A perpetual preferred shares and Class A common stock.
Salem Partners acted as exclusive financial and investment banking advisor to 1091 Pictures, with Stephen Prough and Ivar Combrinck leading the process and negotiations. Lisa Weiss of Chatillon Weiss acted as exclusive legal counsel to 1091 Pictures. Brian Ross of Graubard Miller acted as exclusive legal counsel to Chicken Soup for the Soul Entertainment, Inc.
ABOUT CHICKEN SOUP FOR SOUL ENTERTAINMENT
Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) (the “Company”) operates streaming video-on-demand (VOD) networks. The company owns Crackle Plus, which owns and operates a variety of ad-supported and subscription-based VOD networks, including Crackle, Chicken Soup for the Soul, Popcornflix, Popcornflix Kids, Truli, Pivotshare, Españolflix and FrightPix. The Company also acquires and distributes video content through its subsidiary Screen Media and produces original video content through Chicken Soup for the Soul Television Group. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the popular book series and produces premium pet food under the Chicken Soup for the Soul brand.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are statements that are not historical facts. These statements are based on various assumptions, whether or not identified in this press release, and management’s current expectations and are not predictions of actual performance. These assumptions involve a number of known and unknown risks and uncertainties, including, but not limited to, our primary strategy, our operating profit and margin, seasonality, liquidity, including operating cash, available funds and access to funding sources, free cash flow, revenues, net income, profitability, stock price volatility, future regulatory changes, price changes, the ability of the Company’s content offerings to gain market acceptance, the Company’s success in retaining or recruiting officers, key employees or directors, the ability to protect intellectual property, the ability to make strategic acquisitions, the ability to manage growth and integrate acquired businesses, the ability to pay dividends, regulatory or operational risks and the conditions general market conditions affecting demand for the Company’s services. For a more complete description of these and other risks and uncertainties, please see the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 31, 2021. , and for additional information regarding our recent acquisition of the Sonar Library and related assets, please see our current reports on Form 8-K, as amended, filed with the SEC on May 27, 2021 and July 1. 2021. If any of these risks materialize, or if our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations. in this regard or any change in events, conditions or circumstances on which any statement is based.