{"id":8932,"date":"2018-08-16T10:52:13","date_gmt":"2018-08-16T14:52:13","guid":{"rendered":"http:\/\/worldscreen.com\/tvusa\/chicken-soup-soul-entertainment-buy-pivotshare\/"},"modified":"2018-08-16T12:12:04","modified_gmt":"2018-08-16T16:12:04","slug":"chicken-soup-for-the-soul-entertainment-to-buy-pivotshare","status":"publish","type":"post","link":"https:\/\/worldscreen.com\/tvusa\/chicken-soup-for-the-soul-entertainment-to-buy-pivotshare\/","title":{"rendered":"Chicken Soup for the Soul Entertainment Buys Global SVOD Service"},"content":{"rendered":"<p>Chicken Soup for the Soul (CSS) Entertainment has inked a definitive deal to acquire Pivotshare, a global SVOD service, for $4.35 million.<\/p>\n<p>Pivotshare features multiple online channels comprising 28,000 hours of programming that spans such categories as music, sports, religion, arts and culture, lifestyle and family. The network has approximately 25,000 paid subscriptions.\u00a0This acquisition will mark the launch of CSS Entertainment&#8217;s SVOD business.<\/p>\n<p>\u201cThis accretive acquisition of Pivotshare launches us into the subscription VOD space, significantly accelerating our business plan,\u201d remarked William J. Rouhana, Jr., chairman and CEO of CSS Entertainment. \u201cThis multi-channel online network comes with pre-existing content, much of which fits with the Chicken Soup for the Soul brand.\u201d<\/p>\n<p>\u201cWe are thrilled to become part of the Chicken Soup for the Soul Entertainment ecosystem,\u201d noted Adam Mosam, founder of Pivotshare. \u201cCSS Entertainment is strategically capitalizing on disruption in the entertainment industry, and Pivotshare will help accelerate the company\u2019s growth and presence in the subscription-based VOD business while also bringing a top technology team to the company.\u201d<\/p>\n<p>\u201cAfter our recent perpetual preferred stock offering, we decided to offer our Series A preferred shares as an acquisition currency to the Pivotshare shareholders, and they agreed to accept $3.35 million of the $4.35 million purchase price (excluding closing costs) in the form of our perpetual preferred stock,\u201d stated Scott W. Seaton, vice chairman at CSS Entertainment. \u201cThe balance of the purchase price is $257,000 in cash and 74,235 shares of CSS Entertainment common.<\/p>\n<p>\u201cPivotshare is expected to generate approximately $1 million per year in cost savings for CSS Entertainment, which is a 23 percent return on our investment annually. Using preferred stock as an acquisition currency with a 9.75 percent coupon and focusing on accretive acquisitions like this one will substantially and rapidly grow our business while adding to our cash flow.\u201d<\/p>\n<p>\u201cThe acquisition of Pivotshare secures CSS Entertainment\u2019s operations in the subscription VOD space earlier than projected, and allows us to deploy our already owned content libraries as subscription VOD services quickly and at little to no cost,\u201d added Rouhana.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chicken Soup for the Soul (CSS) Entertainment has inked a definitive deal to acquire Pivotshare, a global SVOD service, for $4.35 million.<\/p>\n","protected":false},"author":479,"featured_media":8933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[1897,1898,1899],"class_list":["post-8932","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-top-stories","tag-chicken-soup-for-the-soul","tag-css-entertainment","tag-pivotshare"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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