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https://www.businessinsider.com/movi...launch-2021-11
https://www.businessinsider.com/movi...launch-2021-11
MoviePass, the movie theater ticket subscription service that became a sensation in the summer of 2017 before collapsing in epic fashion, is coming back.
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 (HMNY), 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."
MoviePass was part of a bankruptcy auction of Helios and Matheson assets in June 2020, but there were no competitive bids at the time the auction ended. The minimum bid set by the trustee was $250,000. HMNY listed the estimated value of MoviePass between $1 million and $10 million, according to Variety.
Spikes told Insider that since this summer, he'd been working on putting the money together to place a bid to get the company back. He said he made the offer last month. Though Spikes would not disclose the amount, he said his bid was lower than the $250,000 minimum the trustee set in 2020. Customer data and email addresses were not part of the sale, Spikes said.
Spikes hopes to relaunch MoviePass sometime next year. A new site has been created for the relaunch, iwantmoviepass.com, and its logo will now feature a black background with white lettering, ditching its previous red background.
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 (HMNY), 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."
MoviePass was part of a bankruptcy auction of Helios and Matheson assets in June 2020, but there were no competitive bids at the time the auction ended. The minimum bid set by the trustee was $250,000. HMNY listed the estimated value of MoviePass between $1 million and $10 million, according to Variety.
Spikes told Insider that since this summer, he'd been working on putting the money together to place a bid to get the company back. He said he made the offer last month. Though Spikes would not disclose the amount, he said his bid was lower than the $250,000 minimum the trustee set in 2020. Customer data and email addresses were not part of the sale, Spikes said.
Spikes hopes to relaunch MoviePass sometime next year. A new site has been created for the relaunch, iwantmoviepass.com, and its logo will now feature a black background with white lettering, ditching its previous red background.
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