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Redbox has successfully completed its merger with Seaport Global Acquisition Corp. as of October 20, 2021. The company will begin trading under the ticker symbol RDBX on NASDAQ effective October 25, 2021. This merger provides Redbox with approximately $88 million in cash to support its digital transformation strategy and enhance its entertainment offerings. CEO Galen Smith emphasizes the goal to simplify the streaming experience and expand consumer choices. Recent partnerships, including agreements with Lionsgate and Roku, will enhance its content distribution and accessibility.
Redbox has announced the launch of over 20 new Free Ad Supported Live TV (FAST) channels, including local news, kids, and Spanish programming. Highlights include America’s Funniest Home Videos and three Spanish language channels from Sony Canal. A partnership with Cox Media Group will provide 10 live local news channels, while a collaboration with Yahoo! Finance introduces a streaming business news channel. This expansion marks Redbox's largest increase of free streaming channels to date, aiming to enhance viewer options across various devices and to support Redbox's transition to a publicly traded company via an agreement with Seaport Global Acquisition Corp.
Seaport Global Acquisition Corp. (NASDAQ: SGAM) encourages stockholders to vote 'FOR' the upcoming business combination with Redbox, scheduled for a special meeting on October 20, 2021. This merger will allow Redbox to become a publicly traded company and enhance its offerings in affordable entertainment options. Stockholders as of the September 16, 2021 record date can vote, regardless of share ownership status by the vote date. Approval is necessary for closing, with Redbox expected to trade under the ticker RDBX post-merger.
Seaport Global Acquisition Corp (NASDAQ: SGAM) has entered into backstop subscription agreements totaling $36 million to support its proposed business combination with Redbox. The deal aims to secure funding for Redbox's digital transformation, utilizing $145 million from SGAM's trust account and a $50 million PIPE. A Special Meeting for shareholder approval is set for October 20, 2021. Post-merger, Redbox is expected to trade under the ticker RDBX. This move reflects confidence in Redbox’s future as a public company in the entertainment sector.
Redbox has expanded its streaming app availability to the PlayStation 5, offering thousands of Ad Supported Video on Demand (AVOD) movies and over 100 Free Ad Supported Live TV (FAST) channels. The app allows users to rent or purchase new releases like Candyman and Stillwater. Additionally, it will soon be available on PlayStation 4. This expansion is part of Redbox's efforts to grow its streaming service, which now includes popular titles available for free. Redbox is set to combine with Seaport Global Acquisition Corp. (NASDAQ: SGAM, SGAMU, SGAMW) to become publicly traded.
Redbox has partnered with FreeWheel to enhance its advertising capabilities across its free streaming services, including AVOD and FAST channels. This integration allows advertisers to efficiently purchase ad inventory while targeting specific audiences on a national and local scale. Redbox's focus on expanding its advertising business comes as it prepares to merge with Seaport Global Acquisition Corp. (NASDAQ: SGAM, SGAMU, SGAMW), aiming to accelerate its transition to a public company and diversify its entertainment offerings.
Seaport Global Acquisition Corp. (NASDAQ: SGAM, SGAMU, SGAMW) held a Special Meeting on October 20, 2021, to vote on its business combination with Redbox, a leader in affordable home entertainment. The Proxy Statement was filed with the SEC on September 29, 2021, and stockholders were encouraged to vote 'FOR' the transaction. Redbox, backed by over 39 million members, aims to enhance its digital offerings alongside physical rentals. If approved, the merger will position Redbox for growth and transformation in a shifting entertainment landscape.
Redbox has partnered with Roku to launch a promotional campaign aimed at boosting its streaming app's user base. Starting now and running through mid-2022, customers purchasing Roku players at Walmart will receive a $5 streaming credit, redeemable via the Redbox app. This initiative is part of Redbox's strategy to enhance its streaming services, which now feature over 100 free ad-supported channels and thousands of movies, including popular titles like Hunter Killer and Rudy. Additionally, Redbox is set to go public through a merger with Seaport Global Acquisition Corp., trading under SGAM, SGAMU, SGAMW.
Redbox has partnered with Vewd to pre-load its streaming app on new Vewd-enabled TVs and set-top boxes in the US. This initiative aims to enhance accessibility for viewers, featuring the app on brands like Hisense and Funai. Redbox's app includes access to new release movies, TV series, and over 100 free ad-supported streaming channels. The partnership is expected to help Redbox expand its digital offerings as it transitions to a publicly traded company through its merger with Seaport Global Acquisition Corp. (NASDAQ: SGAM, SGAMU, SGAMW).
Redbox has launched two new Free Ad Supported Streaming TV (FAST) channels: Redbox War and Westerns and Redbox Rewind, providing viewers with hundreds of hours of free movies. These channels will be available on various devices, including Roku and Samsung. Redbox's FAST channel service has exceeded 100 channels, enhancing its platform. The company is also set to syndicate its channels to other streaming services. This expansion comes alongside Redbox's upcoming merger with Seaport Global Acquisition Corp. (NASDAQ: SGAM, SGAMU, SGAMW), aiming to boost its digital offerings.
