Connect with us

Hi, what are you looking for?

Prime Webinar GroupPrime Webinar Group

Tech News

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

Redbox
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

Tech News

YouTube is expecting to launch new AI tools later this year that are trained off the back of these deals. | Illustration by Alex...

Politics

As doubts grow about President Biden’s mental acuity, the spotlight turns to whether he can step down as the presidential nominee while completing his...

Tech News

Image: NASA Voyager 1, the farthest human-made craft from the Earth, is finally sending back data from all four of its scientific instruments, NASA...

Tech News

Astro Bot. | Image: Sony Interactive Entertainment An adorable platformer, mythological tower defense, RPG / puzzle hybrid, and open-world Star Wars. Continue reading…