Jonathan Katz, who founded Katz Networks and sold it to EW Scripps, has been named president of Chicken Soup For the Soul Entertainment, which has completed its $375 million acquisition of Redbox Entertainment.
Katz, who left Scripps last year, will oversee the company’s operations, including its streaming service, Redbox kiosks and original content studio.
Former Redbox CEO Galen Smith has been appointed vice chairman of Soul Entertainment’s Chicken Soup. He will oversee the company’s future growth plans, including future acquisitions.
Katz and Smith will report to William Rouhana Jr., Chairman and CEO of Soul Entertainment’s Chicken Soup.
Also, Jonathan Katz believes technology will create opportunities for the TV business
“I’ve been looking forward to the day Redbox became part of the Soul Entertainment family of Chicken Soup, and today is the day. The Redbox brand is a staple of American entertainment and is now home to Crackle, Popcornflix and Chicken Soup for the Soul. It joins a strong portfolio of streaming brands such as ,” said Rouhana.
“We expect these collective assets to create a streaming business perfectly formed for the new era of digital entertainment, accelerating our growth and profitability much sooner than originally planned.” The team at has been incredible and joins an equally talented team across the Chicken Soup for the Soul Entertainment company.We welcome our new colleagues and look forward to sharing more about our plans for the future. We are doing it,” says Rouhana.
Chicken Soup for the Soul Entertainment expects the combined company to achieve revenues in excess of $500 million and adjusted EBITDA of $100 million to $150 million in 2022. In 2023, the annual run rate is expected to exceed $40 million in synergies.
The company will also earn revenues from complementary assets, including increased ad inventory through the distribution of a larger content library and production pipeline across AVOD and FAST channels, and increased access to TVOD windows for original film productions. He said he sees many opportunities to drive synergies between the two companies. ■