News
Erik Gruenwedel
February 16, 2018
Technology investor Helios & Matheson Analytics (HMNY) Feb. 16 announced it has upped its ownership stake in MoviePass to 78% from more than 53%.
MoviePass offers subscribers daily access to one theatrical screening for a $9.95 monthly fee. The New York-based service has more than 2 million subs.
HMNY acquired the additional stake following a $45.5 million cash advance to MoviePass from Dec. 19 through Feb. 15, according to a regulatory filing.
“We could not be more thrilled to hold a bigger stake in MoviePass, as the [theatrical ticket subscription service] phenomenon has become a major disruption to the entertainment industry,” CEO Ted Farnsworth said in a statement. “The partnership continues to be a great benefit to both MoviePass and Helios and Matheson shareholders.”
The stake follows a $105 million public offering from a shelf offer of more than $400 million.
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