A year after Chicken Soup for the Soul Entertainment (CSSE) acquired Redbox for $375 million, the company is still experiencing losses and plans to cut costs. CSSE reported a net loss of $43.7 million in the second quarter of 2023, largely due to the acquisition of Redbox. To reduce debt, CSSE aims to decrease operating expenses, postpone content acquisition deals, and explore new revenue streams like advertising on Redbox kiosks. The company also announced the closure of its Seattle office and is considering a potential sale or partnership. CSSE believes that ongoing strikes in the media industry could increase the demand for library titles, benefiting Redbox. Keywords: Chicken Soup for the Soul Entertainment, Redbox, losses, cost reduction, debt, revenue, advertising, strikes, library titles.
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