Hen Soup for the Soul Leisure to Obtain Redbox,

Combination results in top independent, built-in direct-to-buyer media platform providing top quality leisure for value aware consumers

Kinds streaming industry’s premier independent AVOD platforms

Management to host convention simply call and dwell webcast on May 11, 2022 at 8:30 am ET

COS COB, Conn., May well 11, 2022 (Globe NEWSWIRE) — Hen Soup for the Soul Enjoyment, Inc. (Nasdaq: CSSE), one of the largest operators of advertising-supported video clip-on-desire (AVOD) streaming products and services, and Redbox Leisure Inc. (Nasdaq: RDBX), a primary enjoyment business, have entered into a definitive settlement underneath which Hen Soup for the Soul Enjoyment will get Redbox.

The combination of Rooster Soup for the Soul Enjoyment and Redbox will develop a leading independent, built-in direct-to-purchaser media platform providing top quality amusement for worth conscious buyers. The combined firm will have improved scale throughout content production and distribution, with a substantial written content library, a lot more than 38,000 kiosks nationwide, intensive electronic capabilities in AVOD, TVOD, PVOD, and Quick, and obtain to tens of millions of qualified prospects, together with nearly 40 million Redbox Benefits associates.

With each other, the mixed businesses will have the industry’s premier, unbiased AVOD platforms, 1 of the speediest developing segments of the over-all entertainment sector. According to a recent research by IAB, advert paying out on connected Tv platforms enhanced 57% from 2020 to 2021 and is expected to maximize one more 39% this yr.

“Today marks a transformative second for Rooster Soup for the Soul Leisure and an inflection level for the ad-supported streaming market,” reported William J. Rouhana Jr., chairman and chief executive officer of Chicken Soup for the Soul Amusement. “Our acquisition of Redbox will speed up the scaling of our small business as it combines complementary teams and solutions to build the streaming industry’s leading impartial AVOD. Redbox has 40 million prospects in its loyalty system and large-likely digital tv assets including carriage of in excess of 130 Quickly digital channels on its Totally free Reside Tv platform, as well as a sturdy TVOD and PVOD platform. Collectively, we will establish a fully developed AVOD and Rapid streaming company: tested branded streaming products and services, formidable articles and output abilities, and a strong AVOD and Fast ad revenue procedure.”

“We feel that Hen Soup for the Soul Amusement is the best spouse for Redbox. By joining forces, we will speed up Redbox’s transition from a actual physical to superior expansion electronic media enterprise and be the only enjoyment service provider definitely focused on worth for shoppers,” reported Galen Smith, chief government officer of Redbox. “This all-stock transaction gives Redbox stockholders with the opportunity to participate in the important in close proximity to- and extensive-expression upside probable of a diversified and expanding enterprise with greater scale and sources. With our footprint of more than 38,000 kiosks, diverse articles libraries and blended streaming platforms, we will be properly positioned to produce individuals a wealth of substantial-high quality leisure choices.”

Rouhana continued, “More and a lot more viewers are embracing advertisement-supported streaming choices in a content material atmosphere characterised by cord-chopping and saturation of superior-priced membership expert services. In close proximity to phrase, these problems are even more acute from a macro backdrop of climbing inflation and economic uncertainty. With the combination of a big information library, digital AVOD and Fast channel abilities, and an expanding world-wide audience, we think that we will be ready to provide far more fascinating quality amusement for hundreds of thousands of value conscious viewers and generate even further growth and worth generation for our stockholders.”

Economically Compelling

The mixture is predicted to be accretive to Altered EBITDA in 2023, with several alternatives to cross-promote each and every company’s consumer base throughout digital properties, distribute Screen Media titles by way of Redbox kiosks and leverage tech and know-how to fully capitalize on Redbox’s AVOD possibility. The business expects to provide annual-operate rate price synergies in surplus of $40 million in 2023. Chicken Soup for the Soul Leisure expects that the blended corporation will exit 2022 with a run-amount exceeding $500 million of earnings and $100 – $150 million of Altered EBITDA.

Transaction Information

Underneath the phrases of the arrangement, which has been accepted by the Boards of Administrators of the two businesses, Redbox stockholders will acquire a preset exchange ratio of .087 of a share of class A frequent stock of Chicken Soup for the Soul Enjoyment for each Redbox share. Pursuing the near of the transaction, Hen Soup for the Soul Leisure stockholders will very own roughly 76.5% of the put together firm, and Redbox stockholders will very own about 23.5% of the blended organization, on a totally diluted basis.

Timing and Approvals

Redbox stockholders keeping close to 86% of the Redbox voting energy have entered into a voting settlement to approve the transaction. Rooster Soup for the Soul Entertainment stockholders holding approximately 91% of the voting power of Rooster Soup for the Soul Amusement have sent a penned consent approving the transaction.

The transaction is anticipated to shut in the 2nd half of 2022, subject to the receipt of needed regulatory approvals and other customary closing problems. On closing, the put together entity will retain the identify Rooster Soup for the Soul Enjoyment and will keep on to trade below the ticker image “CSSE” on the Nasdaq inventory trade.

Guggenheim Securities, LLC is serving as fiscal advisor to Rooster Soup for the Soul Amusement and Brian Ross of Graubard Miller is serving as legal counsel to Chicken Soup for the Soul Amusement. PJT Companions and Kroll, LLC are serving as financial advisors to Redbox. Weil, Gotshal & Manges LLP is serving as legal counsel to Redbox.

Convention Connect with
The administration of Chicken Soup for the Soul Entertainment and Redbox will host an trader meeting simply call now, May possibly 11, 2022, at 8:30 a.m. ET, to examine the proposed transaction as properly as Rooster Soup for the Soul Entertainment’s success for its very first quarter ended March 31, 2022. For fascinated buyers who would like to take part, the domestic toll-totally free entry amount is (888) 428-7458 and the international toll-totally free accessibility variety is (862) 298-0702. The moment linked with the operator, request accessibility to the Hen Soup for the Soul Initially Quarter 2022 Earnings Convention Simply call.

A webcast of the call will also be accessible at the occasions segment of the Chicken Soup for the Soul Amusement investor relations web-site: https://ir.cssentertainment.com/.

An trader presentation with a lot more detailed data about the proposed transaction will be furnished by Chicken Soup for the Soul Amusement with the SEC beneath go over of a Recent Report on Form 8-K, which can be considered on the SEC’s web site: www.sec.gov. This presentation will also be accessible on the Rooster Soup for the Soul investor relations internet site: https://ir.cssentertainment.com/.

About Rooster Soup for the Soul Entertainment
Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) operates online video-on-demand from customers streaming solutions (VOD). The firm owns Crackle Moreover, which owns and operates a range of ad-supported VOD streaming expert services such as Crackle, Chicken Soup for the Soul, Popcornflix, Popcornflix Children, Truli, Pivotshare, Españolflix and FrightPix. The firm also acquires and distributes video written content through its Monitor Media and 1091 Photographs subsidiaries and generates original video information via the Chicken Soup for the Soul Tv Group. Chicken Soup for the Soul Amusement is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famed book collection and makes tremendous-top quality pet foods under the Rooster Soup for the Soul brand name.

About Redbox
Redbox Amusement Inc. (NASDAQ: RDBX) is a leading entertainment business that offers individuals obtain to a substantial assortment of articles throughout digital and bodily media. The company operates a promptly escalating electronic streaming services that delivers the two ad supported (AVOD) and paid videos from Hollywood studios and hundreds of information associates, as properly as more than 130 channels of cost-free advert supported streaming tv (Quickly). The Redbox application is obtainable on big enjoyment platforms that involve Roku equipment, connected TVs, gaming platforms, the website as nicely iOS and Android devices. Redbox also operates its well-liked kiosks throughout the US at 1000’s of retail spots – supplying customers economical entry to the most current in amusement. The firm creates, acquires, and distributes flicks through its Redbox Entertainment™ label, offering rights to expertise-led films that are dispersed across Redbox’s electronic and bodily expert services as very well as by third-social gathering electronic expert services. Headquartered just outdoors of Chicago, Redbox has workplaces in Los Angeles and Seattle. For more facts, visit www.redbox.com.

Forward-Wanting Statements
This conversation relates to a proposed small business blend transaction in between Chicken Soup for the Soul Leisure, Inc. (“CSSE”) and Redbox Amusement Inc. (“RDBX”). This conversation is made up of “forward-seeking statements” in the indicating of the federal securities legal guidelines. Ahead-hunting statements deal with a variety of subjects, which include, for illustration, projections as to the anticipated benefits of the proposed transaction, the anticipated effects of the proposed transaction on the put together organization’s business enterprise and upcoming economical and functioning benefits, the anticipated amount and timing of synergies from the proposed transaction, and the expected closing day for the proposed transaction. Statements that are not historical facts, together with statements about CSSE’s and RDBX’s beliefs, designs and anticipations, are ahead-wanting statements. These kinds of statements are primarily based on CSSE’s and RDBX’s existing expectations and are subject matter to a selection of things and uncertainties, which could bring about genuine results to differ materially from all those described in the forward-searching statements. Ahead-wanting statements typically consist of words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “will,” “estimate,” “would,” “target” and very similar expressions, as perfectly as versions or negatives of these words. The following significant components and uncertainties, amid other individuals, could trigger real final results to vary materially from individuals explained in these forward-seeking statements: the uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic political and financial uncertainty, which include any faltering in global financial circumstances or the security of credit score and economical markets, erosion of shopper confidence and declines in consumer shelling out unavailability of raw components, solutions, provides or production capacity changes in geographic scope or product or service or buyer combine modifications in export classifications, import and export rules or responsibilities and tariffs changes in CSSE’s or RDBX’s estimates of their expected tax price centered on recent tax legislation CSSEs capability to productively combine RDBX’s enterprises and technologies the threat that the expected added benefits and synergies of the proposed transaction and expansion prospective customers of the combined firm may not be thoroughly attained in a timely manner, or at all adverse results in litigation issues, like the probable for litigation similar to the proposed transaction the hazard that CSSE or RDBX will be not able to keep and hire essential staff the threat involved with CSSE’s and RDBX’s capacity to receive the approvals of their respective stockholders necessary to consummate the proposed transaction and the timing of the closing of the proposed transaction, together with the possibility that the conditions to the transaction are not glad on a timely basis or at all or the failure of the transaction to close for any other explanation or to shut on the expected conditions, such as the expected tax procedure the danger that any regulatory approval, consent or authorization that may be required for the proposed transaction is not acquired or is acquired subject matter to disorders that are not expected unanticipated problems or expenses relating to the transaction, the reaction of small business partners and retention as a result of the announcement and pendency of the transaction uncertainty as to the very long-phrase benefit of CSSE’s frequent stock and the diversion of administration time on transaction-linked matters. These threats, as very well as other dangers associated to the proposed transaction, will be involved in the registration statement on Sort S-4 and proxy statement/prospectus that will be submitted with the Securities and Exchange Fee (the “SEC”) in link with the proposed transaction. When the listing of elements introduced right here is, and the list of things to be offered in the registration statement on Form S-4 are, deemed consultant, no these kinds of listing ought to be viewed as to be a comprehensive assertion of all opportunity hazards and uncertainties. For additional details about other elements that could cause genuine final results to vary materially from people described in the ahead-seeking statements, please refer to CSSE’s and RDBX’s respective periodic studies and other filings with the SEC, which includes the possibility elements contained in CSSE’s and RDBX’s most current Quarterly Experiences on Type 10-Q and Yearly Stories on Form 10-K. Forward-on the lookout statements stand for management’s present-day expectations and are inherently unsure and are created only as of the date hereof. Apart from as needed by regulation, neither CSSE nor RDBX undertakes or assumes any obligation to update any ahead-wanting statements, no matter if as a consequence of new information or to reflect subsequent situations or situation or normally.

No Give or Solicitation
This conversation is not meant to and shall not represent an offer to buy or market or the solicitation of an offer to get or market any securities, or a solicitation of any vote or acceptance, nor shall there be any sale of securities in any jurisdiction in which such present, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any these types of jurisdiction. No presenting of securities shall be produced, other than by signifies of a prospectus meeting the requirements of Area 10 of the U.S. Securities Act of 1933, as amended.

Additional Details and Exactly where to Obtain It
In connection with the proposed transaction, CSSE intends to file with the SEC a registration statement on Form S-4 that will include a proxy assertion of RDBX and that also constitutes a prospectus and Information Statement of CSSE. Just about every of CSSE and RDBX may also file other related documents with the SEC regarding the proposed transaction. This document is not a substitute for the proxy statement/Facts Statement/prospectus or registration assertion or any other doc that CSSE or RDBX may possibly file with the SEC. The definitive proxy assertion/Information Statement/prospectus (if and when offered) will be mailed to stockholders of CSSE and RDBX. Investors AND Protection HOLDERS ARE URGED TO Browse THE REGISTRATION Statement, PROXY Statement/Data Assertion/PROSPECTUS AND ANY OTHER Applicable Documents THAT Could BE Filed WITH THE SEC, AS Effectively AS ANY AMENDMENTS OR Dietary supplements TO THESE Files, Cautiously AND IN THEIR ENTIRETY IF AND WHEN THEY Come to be Accessible Due to the fact THEY Incorporate OR WILL Have Significant Facts ABOUT THE PROPOSED TRANSACTION. Investors and safety holders will be ready to receive cost-free copies of the registration assertion and proxy assertion/Information Statement/prospectus (if and when accessible) and other documents that contains significant information about CSSE, RDBX and the proposed transaction, as soon as these types of documents are filed with the SEC through the internet site maintained by the SEC at http://www.sec.gov. Copies of the files submitted with the SEC by CSSE will be readily available absolutely free of charge on CSSE’s internet site at https://ir.cssentertainment.com/ or by calling CSSE’s Trader Relations Section by e mail at [email protected] or by phone at 646-776-0886. Copies of the files filed with the SEC by RDBX will be offered no cost of demand on RDBX’s web-site at https://traders.redbox.com/ or by contacting Zaia Lawandow at [email protected].

Selected Information About Individuals in the Solicitation
CSSE, RDBX and particular of their respective directors and executive officers may well be considered to be individuals in the solicitation of proxies in regard of the proposed transaction. Info about the directors and govt officers of CSSE, together with a description of their immediate or oblique pursuits, by security holdings or if not, is set forth in CSSE’s proxy assertion for its 2021 yearly assembly of stockholders, which was submitted with the SEC on April 30, 2021, and CSSE’s Annual Report on Variety 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 31, 2022 and on its web page at https://ir.cssentertainment.com/. Details about executive officers of RDBX, together with a description of their immediate or oblique interests, by stability holdings or normally, is established forth in RDBX’s proxy assertion for its 2021 annual assembly of stockholders, which was filed with the SEC on October 15, 2021, and RDBX’s Annual Report on Variety 10-K for the fiscal yr ended December 31, 2021, which was filed with the SEC on April 15, 2022 and on its web site at https://investors.redbox.com/. Information about the directors of RDBX and other participants in the proxy solicitations, will be contained in the proxy statement/prospectus and other suitable elements to be filed with the SEC with regards to the proposed transaction when such products become offered. Buyers should really study the proxy statement/prospectus cautiously when it becomes offered before building any voting or expenditure choices. You may well receive free of charge copies of these files from CSSE or RDBX using the resources indicated previously mentioned.

Chicken Soup for the Soul Leisure Trader Relations
Taylor Krafchik
[email protected]
(646) 776-0886

Chicken Soup for the Soul Enjoyment Media Make contact with
Kate Barrette
RooneyPartners LLC
[email protected]
(212) 223-0561

Redbox Investor Relations & Media Speak to
Zaia Lawandow
[email protected]