Connect with us

Hi, what are you looking for?

Assets Under ControlAssets Under Control

Tech News

Redbox missed a multimillion-dollar payment it couldn’t afford to miss

Photo by Smith Collection / Gado / Getty Images

Redbox’s financial situation continues to spiral out of its control. On Thursday, a Los Angeles court entered a $16.7 million judgment against the company in favor of NBCUniversal, after Redbox failed to pay a scheduled installment of a settlement the parties reached earlier in May.

The missed payment bodes ill for the DVD kiosk company, which now owes the remaining balance in full. More importantly, the missed payment suggests the company simply did not have the requisite money on hand, and the prospect of bankruptcy may be looming for Redbox and its deeply indebted corporate parent, Chicken Soup for the Soul Entertainment.

NBCUniversal sued Redbox over unpaid DVD and online rental royalties in February. The studio alleged in its…

Continue reading…

You May Also Like

Editor's Pick

Jeffrey A. Singer Three years after its first‐​in‐​the‐​nation drug decriminalization measure (Measure 110) went into effect, Oregon’s lawmakers are poised to re‐​criminalize possessing and...

Editor's Pick

Scott Lincicome Last Friday’s Department of Energy (DOE) move to temporarily pause pending requests to export liquefied natural gas (LNG) outside the United States...

Tech News

Image: Will Joel / The Verge From reading in the bath to scribbling notes in the margins, from diving into the Amazon ecosystem to...

Editor's Pick

David Kemp and Peter Van Doren One year ago, a freight train derailed in East Palestine, Ohio causing a leak of hazardous chemicals and a large fire....

Generated by Feedzy