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Outerwall to receive $16.8 million payment as money-losing Redbox Instant joint venture winds down - GeekWire

publish 2022-05-02,browse 3
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Redbox Instant just couldn’t make it in the streaming video world against Netflix, Amazon and others, and that’s why Bellevue-based Outerwall and telecom giant Verizon announced plans to end the service earlier this month.Now, we’re getting some insights into the nuts and bolts of the Redbox Instant business. A SEC filing released today indicates that Outerwall’s Redbox unit formally withdrew from the joint venture effective Oct. 20th, with the filing showing a business that wasn’t gaining much traction.As part of the withdrawal agreement, Outerwall’s Redbox is receiving payment of $16.8 million.

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