MoviePass cofounder Stacy Spikes buys back company and plans relaunch

MoviePass cofounder Stacy Spikes was granted ownership of the company by a Southern District of New York bankruptcy court judge who approved the sale on Monday, according to court documents reviewed by Insider. The financial transaction took place on Wednesday.

Spikes had placed a bid of an undisclosed amount to the trustee handling the bankruptcy of Helios and Matheson Analytics , the former parent company of MoviePass. "I can confirm that we acquired MoviePass out of bankruptcy on Wednesday," Spikes said in a statement to Insider."We are thrilled to have it back and are exploring the possibility of relaunching soon. Our pursuit to reclaim the brand was encouraged by the continued interest from the moviegoing community. We believe, if done properly, theatrical subscription can play an instrumental role in lifting moviegoing attendance to new heights.

Under the leadership of HMNY CEO Ted Farnsworth and new MoviePass CEO Mitch Lowe, the company launched a $10 a month subscription price to see a movie a day. Within two days, subscriptions went from 20,000 to 100,000. In less than a year, MoviePass had over 3 million subscribers. With Farnsworth and Lowe at the helm, MoviePass blew through hundreds of millions of dollars, and Spikes — who said he'd raised concerns internally about the sustainability of the $10 price point — was fired in 2018.

独家新闻：电影通行证又回来了。联合创始人斯泰西·斯派克斯（Stacy Spikes）已经回购了该公司，并正在探索重新启动。

we just wrapped the season of Blackout Dates earlier this week, so the timing of this announcement feels veryyyy interesting

I don’t believe anything you guys publish this is all bullshit

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Credit Suisse names a raft of U.S. and European stocks to buy as inflation fears spikeNew for subscribers: Credit Suisse names a raft of U.S. and European stocks to buy as inflation fears spike. Check out CNBCPro today. Pro There's no greater joy than having financial freedom and a life free debts 😊, that's why I keep posting a comment about Mrs Nichelle_1111
Source: CNBC - 🏆 12. / 72 Read more »

GE stock jumps as plan to split into 3 companies triggers potential breakout, finallyShares of General Electric Co. were set up for a potential breakout of a long trading range on Tuesday, after the industrial conglomerate announced plans to...
Source: MarketWatch - 🏆 3. / 97 Read more »

Feud at Smithfield Foods’ Parent Company Shows Messy Underside of Chinese TakeoverThe turmoil at WH Group marks an unexpected twist for a deal that raised political concerns amid a string of attempts by Chinese companies to buy up Western producers of resources needed to feed the country’s growing appetite. I canceled my subscription to the Wall Street Journal New flavor profiles for traditional cuisine. I don't like the idea of foreign entities buying our food companies.
Source: WSJ - 🏆 98. / 63 Read more »