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Chicken Soup for the Soul Entertainment, Inc. (CSSE)

NasdaqGM - NasdaqGM Real Time Price. Currency in USD
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33.00+0.43 (+1.32%)
At close: 4:00PM EDT
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Neutralpattern detected
Previous Close32.57
Open32.80
Bid0.00 x 800
Ask33.48 x 800
Day's Range31.30 - 33.62
52 Week Range6.45 - 33.62
Volume70,003
Avg. Volume60,836
Market Cap461.373M
Beta (5Y Monthly)1.59
PE Ratio (TTM)N/A
EPS (TTM)-3.62
Earnings DateMay 12, 2021 - May 17, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateAug 03, 2018
1y Target Est41.57
  • Chicken Soup Snaps Up Sonar’s Film And Television Assets; Shares Bounce 6.4%
    SmarterAnalyst

    Chicken Soup Snaps Up Sonar’s Film And Television Assets; Shares Bounce 6.4%

    Shares of Chicken Soup for the Soul Entertainment jumped 6.4% in early trade on Friday as the company agreed to acquire the film and television assets of Sonar Entertainment for an undisclosed amount. The acquisition is expected to close in thirty days and is likely to accelerate the development of service offerings of the advertising-supported video-on-demand (AVOD) network. Chicken Soup for the Soul Entertainment’s (CSSE) CEO, William J. Rouhana Jr. said, “The Sonar Entertainment assets are a perfect fit with our objective of building the industry’s best AVOD offering. This acquisition will not only have immense strategic value, positioning us to launch AVOD networks with a critical mass of proven content that fits our desired audiences, but will also give us ownership of several franchise television series and add proven television executive talent.” “Finally, we believe the transaction will be extremely efficient for our shareholders, with a structure that provides for the net cost of the assets being fully recovered as we create value for the seller,” Rouhana added. The acquisition of Sonar assets will lead to the expansion of CSSE’s original television content development pipeline, provide a quicker way for CSSE to grow its television production and distribution internationally, and could lead to CSSE launching additional AVOD networks. (See Chicken Soup for the Soul Entertainment stock analysis on TipRanks) CSSE also said the consideration paid for the assets would be dependent on the success of the assets acquired and the advance payment paid to Sonar will be “recouped by Chicken Soup for the Soul Entertainment upon the sale or licensing of certain television rights”. The acquisition of Sonar’s film and television assets will also result in Sonar acquiring a 5% stake in a new AVOD network. CSSE expects to earn $15 million in revenues in the first year after the closing of the acquisition, with Sonar assets expected to contribute $10 million in EBITDA. From 2022 onwards, CSSE anticipates that Sonar’s television content development pipeline will contribute significantly to its revenues and EBITDA. On April 1, DA Davidson analyst Tom Forte raised the price target from $28 to $34 and reiterated a Buy rating on the stock. Forte said that the company’s original and exclusive content made up 18.4% of total ad impressions last year while the company’s original movie, Willy’s Wonderland, was #1 on the iTunes movies chart in the Horror genre. Overall, the rest of the Street is bullish on the stock with a Strong Buy consensus rating based on 4 Buys. The average analyst price target of $34.75 implies that CSSE shares have approximately 12.5% upside potential to current levels. Related News: Square Expands To Ireland With Early Access Programme Levi’s 1Q Sales And EPS Beat Estimates; Street Says Buy Provention Bio Shares Crash 40% Due To Regulatory Setback For Diabetes Drug More recent articles from Smarter Analyst: Johnson Controls Snaps Up Silent-Aire For $870M Square Expands To Ireland With Early Access Programme Hologic To Snap Up Mobidiag For $795M, Provide Growth Platform Constellation Brands’ Quarterly Results Outperform; Shares Plunge

  • Chicken Soup For The Soul Entertainment Acquires Sonar Entertainment Assets For Undisclosed Sum
    Benzinga

    Chicken Soup For The Soul Entertainment Acquires Sonar Entertainment Assets For Undisclosed Sum

    Chicken Soup For The Soul Entertainment Inc (NASDAQ: CSSE) inked an agreement to acquire the film and television assets of Sonar Entertainment, Inc. The financial terms of the transaction were not disclosed. Sonar is an independent television studio headquartered in Los Angeles with operations in Toronto and London. The company is credited for shows like The Shannara Chronicles (MTV/Netflix), Taboo (BBC/FX), The Son (AMC), Mr. Mercedes (DirecTV), Das Boot (Sky Europe), Hunters (Amazon Prime), Alien Xmas (Netflix) and Mysterious Benedict Society (Disney+). The transaction will help Chicken Soup expand its original television content development pipeline, improve margins by increasing its IP rights ownership, launch other AVOD networks, and grow its international television production and distribution activities. Screen Media will distribute Sonar's wide-ranging film and television library after the closing. Chicken Soup targets over $15 million in revenue with an EBITDA contribution of $10 million from the Sonar assets. The company expects synergistic revenue and EBITDA expansion from Sonar's television content development pipeline from 2022. Chicken Soup held $14.7 million in cash and equivalents as of Dec. 31, 2020. Price action: CSSE shares closed higher by 5.69% at $29.52 on Thursday. See more from BenzingaClick here for options trades from BenzingaIndonesia's Traveloka Eyes B US Listing Via SPAC Merger With Bridgetown Holdings: BloombergUltra Clean Raises 5M Via Secondary Equity Offering© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Chicken Soup for the Soul Entertainment Signs Definitive Agreement to Acquire Sonar Entertainment Assets
    GlobeNewswire

    Chicken Soup for the Soul Entertainment Signs Definitive Agreement to Acquire Sonar Entertainment Assets

    Will Add IP Rights to 372 Television Series with 1,825 Episodes and Over 700 Films Will Position Company to Launch Additional AVOD Networks and Accelerate International Television Production and Distribution Strategy Immediately Accretive to Financial Results Management Conference Call to Be Held at 8:30 A.M. ET Today COS COB, Conn., April 09, 2021 (GLOBE NEWSWIRE) -- Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced the signing of a definitive agreement to acquire the film and television assets of Sonar Entertainment, Inc. (Sonar). Acquiring the Sonar assets will accelerate Chicken Soup for the Soul Entertainment’s strategy to build the leading independent AVOD streaming service in four key ways: Expanding its original television content development pipeline; improving margins by increasing its IP rights ownership; positioning the company to launch additional AVOD networks; and providing a faster path to growing its international television production and distribution activities. “The Sonar Entertainment assets are a perfect fit with our objective of building the industry’s best AVOD offering,” said William J. Rouhana Jr, chief executive officer of Chicken Soup for the Soul Entertainment. “This acquisition will not only have immense strategic value, positioning us to launch AVOD networks with a critical mass of proven content that fits our desired audiences, but will also give us ownership of several franchise television series and add proven television executive talent. Finally, we believe the transaction will be extremely efficient for our shareholders, with a structure that provides for the net cost of the assets being fully recovered as we create value for the seller.” Sonar is a leading independent television studio headquartered in Los Angeles with operations in Toronto and London. Sonar in recent years has developed, produced, financed and distributed shows such as The Shannara Chronicles (MTV/Netflix), Taboo (BBC/FX), The Son (AMC), Mr. Mercedes (DirecTV), Das Boot (Sky Europe), Hunters (Amazon Prime), Alien Xmas (Netflix) and Mysterious Benedict Society (Disney+). These series have strong market appeal both domestically and internationally and feature star creative talent including Tom Hardy, Ridley Scott, Pierce Brosnan, David E. Kelley, Jon Favreau, Jordan Peele, Al Pacino and more. Chicken Soup for the Soul Entertainment will continue developing and producing the current and future high-caliber content for all platforms across a broad spectrum in the U.S. and internationally. Screen Media will distribute Sonar’s extensive film and television library after the closing. The library of over 1,000 titles, over 4,000 hours of programming, ranging from classic shorts of Little Rascals, Laurel & Hardy and Blondie (produced by Hal Roach Studios) to acclaimed epic event mini-series such as Lonesome Dove and Dinotopia (produced by RHI, Robert Halmi International). Over $1 billion in the aggregate is estimated to have been invested in the library and television content development pipeline being acquired. Sonar’s library titles have received 446 Emmy Award nominations, 105 Emmy Awards and 15 Golden Globe Awards. The library includes hundreds of movies that originally premiered on the Hallmark, Lifetime and Showtime networks. Sonar’s sales and distribution team have licensed the library content to more than 300 clients in over 125 territories worldwide in addition to the U.S. and Canada. “Chicken Soup for the Soul Entertainment and Screen Media are the perfect partners for maximizing this library’s potential far into the future. So much of this catalog is a perfect fit for the current and emerging AVOD-driven markets in the U.S. and abroad,” said David Ellender, CEO of Sonar Entertainment. The asset purchase agreement is structured such that consideration paid is directly related to the success of the acquired assets. An advance payment will be made to the seller at closing, to be recouped by Chicken Soup for the Soul Entertainment upon the sale or licensing of certain television rights. The company has secured committed financing for the transaction. In addition, the seller will receive 5% of the ownership of a new AVOD network that will be created in part with the Sonar library. In the first year after closing, Chicken Soup for the Soul Entertainment expects to recognize over $15 million in revenue with contribution of approximately $10 million in EBITDA from the Sonar assets. The company anticipates significant expansion of revenue and EBITDA from Sonar’s valuable television content development pipeline beginning in 2022. The acquisition is subject to satisfaction of certain closing conditions and is expected to close in 30 days. HCFP/Strategy Advisors LLC acted as sole advisor to Chicken Soup for the Soul Entertainment in this transaction. FTI Capital Advisors LLC acted as exclusive financial advisor to Sonar in connection with the transaction. Latham & Watkins LLP acted as legal counsel for Sonar in connection with the transaction. Brian Ross of Graubard Miller acted as legal counsel for Chicken Soup for the Soul Entertainment. Chicken Soup for the Soul Entertainment’s management will host a conference call and webcast this morning, April 9, 2021, at 8:30 a.m. ET. To participate on the conference call, please dial toll-free (833) 832-5128 approximately 10 minutes prior to the start of the conference call. International callers may dial (484) 747-6583. Please reference conference ID #2338849. The conference call is also being webcast with an accompanying presentation, which can be accessed through the investor relations section of the Chicken Soup for the Soul Entertainment investor relations website, https://ir.cssentertainment.com/. Please access the website 15 minutes prior to the start of the conference call to download and install any necessary audio software and download the presentation. ABOUT CHICKEN SOUP FOR THE SOUL ENTERTAINMENTChicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) operates streaming video-on-demand networks (VOD). The company owns Crackle Plus, which owns and operates a variety of ad-supported and subscription-based VOD networks including Crackle, Popcornflix, Popcornflix Kids, Truli, Pivotshare, Españolflix and FrightPix. The company also acquires and distributes video content through its Screen Media subsidiary and produces original long and short-form content through Landmark Studio Group, its Chicken Soup for the Soul Originals division and APlus.com. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famous book series and produces super-premium pet food under the Chicken Soup for the Soul brand name. FORWARD-LOOKING STATEMENTSThis press release includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are statements that are not historical facts. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to known and unknown risks and uncertainties, including but not limited to those risks set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. INVESTOR RELATIONS Taylor KrafchikEllipsiscsse@ellipsisir.com(646) 776-0886 MEDIA CONTACTKate BarretteRooneyPartners LLCkbarrette@rooneyco.com(212) 223-0561