Connect with us

Hi, what are you looking for?

Joyful Retirement SecretsJoyful Retirement Secrets

Tech News

Redbox missed a multimillion-dollar payment it couldn’t afford to miss

Redbox
Photo by Smith Collection / Gado / Getty Images

Redbox’s financial situation continues to spiral out of its control. On Thursday, a Los Angeles court entered a $16.7 million judgment against the company in favor of NBCUniversal, after Redbox failed to pay a scheduled installment of a settlement the parties reached earlier in May.

The missed payment bodes ill for the DVD kiosk company, which now owes the remaining balance in full. More importantly, the missed payment suggests the company simply did not have the requisite money on hand, and the prospect of bankruptcy may be looming for Redbox and its deeply indebted corporate parent, Chicken Soup for the Soul Entertainment.

NBCUniversal sued Redbox over unpaid DVD and online rental royalties in February. The studio alleged in its…

Continue reading…

You May Also Like

Tech News

Dr Disrespect at a golf tournament in January 2024. | Photo by Orlando Ramirez/Getty Images Twitch abruptly banned one of its biggest stars —...

Tech News

Photo by Monica Chin / The Verge Asus’ reputation for customer support has been tarnished, and the company is now pledging a long list...

Editor's Pick

Scott Lincicome On June 12, I testified before the Joint Economic Committee (along with Cato’s own Adam Michel) on the current state of US industrial...

Tech News

Image: David Pierce / The Verge Hi, friends! Welcome to Installer No. 42, your guide to the best and Verge-iest stuff in the world....