Chicken Soup for the Soul Acquires 1091 Pictures for $15.6 Million
variety.comCynthia Littleton Business EditorChicken Soup for the Soul, the parent company of Crackle and other streaming platforms, has reached an agreement to acquire production-distribution outfit 1091 Pictures for $15.6 million.The pact calls for Chicken Soup to acquire the New York-based company for $8 million in cash and the rest in stock.
The deal brings to Chicken Soup a library of movies and TV series as well as its own streaming distribution platforms.Chicken Soup plans to merge 1091 Pictures assets with its Screen Vision division to enhance both companies’ ability to provides on-demand distribution options for independent filmmakers.“The 1091 Pictures team transformed their large content library into a scalable, modern distribution platform with a compelling slate of channels that are a pragmatic addition to our existing assets,” said David Fannon, president of Screen Media Ventures. “There are great synergies between our two companies.
Over time, joining 1091 Pictures’ acquisition and distribution team with Screen Media’s team, leveraging the impressive infrastructure 1091 Pictures built for digital fulfillment, and folding the 1091 Pictures-owned channel business into the Crackle Plus networks will make this a mutually beneficial and smooth transition.
The 1091 Pictures’ pipeline of over 350 titles per year will provide a steady supply of new content to the company for years to come.” Based in Cos Cob, Conn., Chicken Soup is banking on the FAST channel explosion to drive growth as it acquires content libraries and platforms.
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