A year after Chicken Soup for the Soul Entertainment (CSSE) purchased Redbox for $375 million, the company continues to be hit by losses and looks to reduce costs across all aspects of its business.
CSSE reported its second-quarter 2023 earnings this week, which showed a net loss of $43.7 million — more than double the $20.8 million it lost in the year-ago period. However, the company also reported $79.9 million in revenue, up from $37.6 million in the second quarter of 2022. Still, total revenue failed to live up to Wall Street expectations.
The poor results were in large part thanks to the 2022 acquisition of Redbox for $50 million in stock and the assumption of $325 million in debt.
To pay down its debt, CSSE says it wants to cut down on operating expenses, hold …
