Redbox Entertainment Shares Slide Despite Content Deal With Fremantle

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Redbox Entertainment Shares Slide Despite Content Deal With Fremantle
Credit: © Reuters.

By Sam Boughedda

Investing.com — Redbox (NASDAQ: RDBX ) shares fell Monday despite the company telling investors it has signed a content deal with Fremantle, a British television production company.

Redbox shares fell more than 3% to around $13.70 following the announcement.

The deal, which is aimed at further accelerating the company's free streaming service, adds Free Ad-Supported Television (FAST) channels which will debut on the company's streaming service on December 1.

The channels include Buzzr, The Price Is Right: The Barker Era, and the Baywatch channel.

"Our partnership with Fremantle will add tremendous value to our free streaming service," said Chris Yates, General Manager, Redbox On Demand. "These iconic television shows anchor our latest FAST channels, and our customers will soon enjoy even more entertainment from Redbox. We couldn't be more excited to add them to the platform."

The addition is part of Redbox's plan to aggressively scale its ad-supported video-on-demand streaming service.

 

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