Chicken Soup for the Soul Entertainment Inc. (CSS Entertainment) has acquired the independent motion picture distribution company Screen Media Ventures LLC for $4.9 million.
The Screen Media assets include a content library of more than 1,200 television series and feature films and the direct-to-consumer Popcornflix online video platform that is available in 56 countries.
CSS Entertainment forecasted that the New York City-based Screen Media will generate approximately $12 million in revenue and approximately $5 million in EBITDA for the full year 2017. As of Sept. 30, CSS Entertainment reported more than $15 million in liquidity and no debt.
“Screen Media’s assets are an extraordinary addition to our growing portfolio of highly-valuable media assets,” said William J. Rouhana Jr., chairman and CEO of the Cos Cob-based CSS Entertainment. “As we have regularly communicated to the investment community, our intention has always been to identify potentially transformative opportunities that enable us to achieve our ambitious growth plans.”