Chicken Soup for the Soul explained

Chicken Soup for the Soul Entertainment, Inc.
Type:Public
Foundation:[1]
Fate:Chapter 7 bankruptcy liquidation
Founders:Jack Canfield[2] and Mark Victor Hansen[3]
Location City:Cos Cob, Connecticut, U.S.[4]
Area Served:Worldwide
Key People:William J. Rouhana, Jr.[5]
(chairman & CEO)
Amy Newmark[6]
(publisher)
Industry:Publishing
Licensing
Internet
Consumer packaged goods
Entertainment
Subsid:

Chicken Soup for the Soul Entertainment, Inc. was an American self-help, consumer goods and media company based in Cos Cob, Connecticut. It is known for the Chicken Soup for the Soul book series. The first book, like most subsequent titles in the series, consisted of inspirational true stories about ordinary people's lives. The books are widely varied, each with a different theme. Chicken Soup for the Soul Publishing, LLC continued to publish about twelve[7] new books per year.

The company has branched out into other categories such as food,[8] pet food,[9] and television programming.[10] [11]

History

Books

Motivational speakers Jack Canfield and Mark Victor Hansen collaborated on the first Chicken Soup for the Soul book, compiling inspirational, true stories they had heard from their audience members. Many of the stories came from members of the audience of their inspirational talks. The book was rejected by major publishers in New York but accepted by a small, self-help publisher in Florida called HCI.[12]

After the success of the first book, Canfield and Hansen, with HCI, published additional, similar Chicken Soup for the Soul titles.[13] Later, they published Chicken Soup for the Soul books for specific demographics, such as Chicken Soup for the Teenage Soul, which came out in 1997[14] and was a major best-seller.[15] New Chicken Soup for the Soul titles and sequels to existing books have been published on a regular basis since the first book came out in 1993. In 2009, author Adeline Lee Zhia Ern was found to have plagiarized the story "Happiness" by Sarah Provençal from Jack Canfield's Chicken Soup for the Teenage Soul IV.[16]

A 19-episode anthology series made up of stories from the series was produced and aired in the 1999–2000 television season by PAX TV, the current-day Ion Television.[17] [18]

Expansion from books

In 2008, the founders, Jack Canfield and Mark Victor Hansen, sold the company to a new ownership group led by William J. Rouhana and Robert D. Jacobs.[19] Since then all new titles have been published by Chicken Soup for the Soul Publishing, LLC and distributed by Simon & Schuster.

Under the new ownership group, Chicken Soup for the Soul has expanded into other products besides books. The company markets pet foods under the brand Chicken Soup for the Pet Lover's Soul and a line of soups, sauces and other prepared foods under the brand Chicken Soup for the Soul.[20]

Entertainment expansion

In 2013, the company announced plans to produce a television series and a film with Alcon Entertainment. Chicken Soup for the Soul has produced television programming with other partners, including PBS.[21] In 2016, Chicken Soup for the Soul acquired a majority stake in the website A Plus.[22]

Chicken Soup for the Soul Entertainment went public in 2017.[23] In November 2017, it acquired Screen Media Ventures, LLC, an independent television and film distribution company, which included Popcornflix, an ad-based online video service.[24] [25]

On March 28, 2019, it was announced that Sony Pictures Television would sell a majority stake of Sony Crackle to Chicken Soup for the Soul Entertainment, after which the service would revert to the "Crackle" name.[26] [27]

On November 5, 2019, it was announced that the Chicken Soup for the Soul Entertainment division would purchase foreign sales company Foresight Unlimited for the new Screen Media division.[28]

On December 15, 2020, Sony traded its remaining shares in Crackle for a yet to be disclosed preferential stake in Chicken Soup for the Soul Entertainment, giving them full control of the ad-supported streaming service.[29] As of 2020, the Chicken Soup for the Soul series included more than 250 titles.[30]

In April 2021, Chicken Soup for the Soul acquired the film and television catalogue of Sonar Entertainment. In return, Sonar will hold a 5 percent stake in a new AVOD network featuring its library.[31] Through the acquisition, Chicken Soup now currently owns the North American rights to a majority of the Laurel & Hardy films and shorts, and most of the Our Gang library, as well as the holdings of the former RHI/Hallmark/Cabin Fever/Sonar outputs, and a majority of the Hal Roach library, all via their Halcyon Studios division.

On March 2, 2022, Chicken Soup for the Soul announced its acquisition of specialty film distributor, 1091 Pictures, for $15.55 million, in a mix of cash ($8 million) and stock (newly issued Series A preferred stock and Class A common stock). The deal included an estimated 4,000 movies and TV series from the 1091 catalog, as well as its portfolio of free, ad-supported networks and channels.[32]

On May 11, 2022, Chicken Soup for the Soul announced its intention to acquire Redbox for $357 million ($36 million in stock and $321 million in assumed debt).[33] The acquisition closed on August 11, 2022.[34]

Post-sale, bankruptcy and liquidation

On April 1, 2024, Chicken Soup for the Soul received a delisting notice from Nasdaq, informing that the company's stock would be delisted from the Nasdaq after it had 180 days to return to compliance.[35]

On April 23, 2024, Chicken Soup for the Soul announced a $636.6 million loss in 2023, and warned that without any options to generate additional financing, the company may be forced to liquidate or pause operations, and seek a potential Chapter 11 bankruptcy protection filing.[36] In June 2024, chairman and CEO Bill Rouhana removed the company's board of directors.[37] On June 29, the company filed for Chapter 11 bankruptcy protection after cutting benefits in May, missing a week of paying its employees, and failing to secure financing.[38] [39] [40]

On July 1, 2024, former federal prosecutor Bart Schwartz replaced Rouhana as CEO, and a new board of directors was installed.[41] On July 5, the company was able to secure funding to restore payroll and benefits.[42]

On July 10, 2024, a bankruptcy judge ordered Chicken Soup for the Soul's Chapter 11 bankruptcy to be converted into a Chapter 7 bankruptcy liquidation after accusing the company's previous CEO of misusing the business and failing to pay employees or support healthcare. With the Chapter 7 conversion, the company's assets will be liquidated, resulting in the cessation of its subsidiaries, including Crackle, Popcornflix and Redbox. In addition, over 1,000 employees will be laid off and over 26,000 Redbox kiosks will shut down permanently.[43] [44]

Awards

The original series held a spot on the New York Times Best Seller list continuously from 1994 to 1998.[45]

Chicken Soup for the Soul: What I Learned From the Dog was named "Best Anthology" of 2010 by the Dog Writers Association of America.

See also

Notes and References

  1. Web site: What is Chicken Soup for the Soul?. chickensoup.com. 23 February 2015. 2014-02-06. 2014-02-27. https://web.archive.org/web/20140227005752/http://www.chickensoup.com/cs.asp?cid=about. live.
  2. http://www.chickensoup.com/newsroom.asp?cid=new.bio.jc Jack Canfield biography
  3. http://www.chickensoup.com/newsroom.asp?cid=new.bio.mvh Mark Victor Hansen biography
  4. http://www.chickensoup.com/cs.asp?cid=contact Contact page
  5. http://www.chickensoup.com/newsroom.asp?cid=new.bio.wjr William J. Rouhana, Jr. biography
  6. http://www.chickensoup.com/newsroom.asp?cid=new.bio.an Amy Newmark biography
  7. Web site: Amazon.com: chicken soup for the soul – Chicken Soup for the Soul / Paperback: Books. amazon.com. 23 February 2015. 24 March 2020. https://web.archive.org/web/20200324151719/https://www.amazon.com/s/ref=sr_pg_1?rh=n%3A283155%2Ck%3Achicken+soup+for+the+soul%2Cp_n_feature_browse-bin%3A2656022011%2Cp_lbr_books_series_browse-bin%3AChicken+Soup+for+the+Soul&sort=date-desc-rank&keywords=chicken+soup+for+the+soul&ie=UTF8&qid=1410307428. live.
  8. Pop Chart. 10 September 2012. . 23 February 2015. Kayla. Webley. 27 November 2018. https://web.archive.org/web/20181127174548/http://content.time.com/time/magazine/article/0,9171,2123304,00.html. live.
  9. Web site: Chicken Soup for the Soul. chickensoupforthepetloverssoul.com. 23 February 2015. 6 May 2007. https://web.archive.org/web/20070506092831/http://www.chickensoupforthepetloverssoul.com/. live.
  10. Alcon Entertainment Prescribing 'Chicken Soup for the Soul' -- Los Angeles, Aug. 8, 2013 /PRNewswire/ --. Alcon Entertainment. 8 August 2013. prnewswire.com. 23 February 2015. 25 June 2018. https://web.archive.org/web/20180625053341/https://www.prnewswire.com/news-releases/alcon-entertainment-prescribing-chicken-soup-for-the-soul-218920141.html. live.
  11. Web site: Video: Chicken Soup for the Soul . PBS Video. 23 February 2015. dead. https://web.archive.org/web/20150224000939/http://video.pbs.org/video/2365301258/. 24 February 2015.
  12. Book: 978-1-61159-913-8. Chicken Soup for the Soul 20th Anniversary Edition: All Your Favorite Original Stories Plus 20 Bonus Stories for the Next 20 Years: Jack Canfield, Mark Victor Hansen, Amy Newmark: 9781611599138: Amazon.com: Books. Canfield. Jack. Hansen. Mark Victor. Newmark. Amy. 25 June 2013. Chicken Soup for the Soul .
  13. Web site: Results for 'chicken soup for the soul' [WorldCat.org]]. worldcat.org. 23 February 2015.
  14. Book: Chicken Soup for the Teenage Soul. worldcat.org. 733779771.
  15. News: Independents/Chain Bestseller List. The New York Times. 23 February 2015. 28 August 2017. https://web.archive.org/web/20170828033212/http://www.nytimes.com/books/99/08/22/bsp/paperadvicecompare.html. live.
  16. Web site: Adeline Lee's apology on Silverfish Books website . https://web.archive.org/web/20100108110616/http://www.silverfishbooks.com/adeline_apology.html . January 8, 2010.
  17. Web site: Mos . Linda . 1999-05-24 . Pax TV Adds Four New Originals . 2024-06-30 . Multichannel News . en.
  18. Web site: 1999-07-31 . PAX TV TAKING A CHANCE ON SOME ORIGINAL IDEAS . 2024-06-30 . Chicago Tribune . en-US.
  19. Web site: Milliot . Jim . February 2, 2009 . Serving Up a New Chicken Soup . dead . https://web.archive.org/web/20120918031807/http://www.publishersweekly.com/pw/print/20090202/11989-serving-up-a-new-chicken-soup-.html . September 18, 2012 . Publishers Weekly.
  20. Web site: How Chicken Soup For the Soul Started Selling Actual Soup . https://web.archive.org/web/20210118012845/https://www.nbcnews.com/id/wbna54805085 . dead . January 18, 2021 . 2023-02-17 . NBC News . March 28, 2014 . en.
  21. Web site: 3 July 2014 . Chicken Soup for the Soul: Food & Family – August 2014 on PBS . live . https://web.archive.org/web/20190306045659/https://www.youtube.com/watch?v=egaOwgEH6OE . 6 March 2019 . 23 February 2015 . YouTube.
  22. Web site: Spangler . Todd . 2019-01-02 . Ashton Kutcher Sells Stake in A Plus, His 'Positive Journalism' Site, for $2.7 Million in Stock . 2024-07-07 . Variety . en-US.
  23. Web site: Sheetz . Michael . 2017-08-18 . Chicken Soup for the Soul stock debuts on Nasdaq after crowdsourced IPO . 2019-06-22 . CNBC.
  24. 2017-11-06 . Chicken Soup for the Soul Entertainment Completes Milestone Acquisition of Screen Media . 2024-07-07 . GlobeNewswire News Room . en.
  25. Web site: January 17, 2018 . CHICKEN SOUP FOR THE SOUL ENTERTAINMENT'S RECENTLY ACQUIRED SCREEN MEDIA ASSETS APPRAISED AT OVER $31 MILLION . 2024-07-07 . www.sec.gov.
  26. Web site: Hayes. Dade. 2019-03-28. Sony Crackle Gets Reboot Via Chicken Soup For The Soul Joint Venture; Eric Berger To Depart After Deal Close. 2020-11-12. Deadline. en-US.
  27. Web site: Sony Sells Crackle Majority Stake to Chicken Soup for the Soul Hollywood Reporter. 2020-11-12. The Hollywood Reporter. 28 March 2019 .
  28. Web site: Grater. Tom. 2019-11-05. Chicken Soup For The Soul Entertainment Acquires Mark Damon's Production & Sales Outfit Foresight Unlimited. 2021-12-04. Deadline. en-US.
  29. Web site: Sony Trades Crackle Equity For Stock; Full Control Of Streamer Goes To Chicken Soup For The Soul Entertainment. Deadline. December 15, 2020. December 15, 2020. March 21, 2021. https://web.archive.org/web/20210321212818/https://deadline.com/2020/12/sony-exits-crackle-streaming-full-control-chicken-soup-for-the-soul-entertainment-1234656734/amp/?__twitter_impression=true. live.
  30. Web site: 2013-09-16 . Facts & Figures . dead . https://web.archive.org/web/20131214213849/http://www.chickensoup.com/newsroom.asp?cid=about.facts . 2013-12-14 . 23 February 2015 . chickensoup.com.
  31. Web site: Whyte . Alexandra . April 9, 2021 . Chicken Soup acquires Sonar's assets . Kidscreen.
  32. Web site: Hayes . Dade . 2022-03-02 . Screen Media Parent Chicken Soup For The Soul Entertainment Acquires 1091 Pictures In $15.6M Indie Combo . 2022-05-22 . Deadline . en-US.
  33. Web site: Hayes . Dade . Redbox To Be Acquired By Crackle Parent Chicken Soup For The Soul Entertainment In All-Stock Deal Focused On Value End Of Streaming Market . . May 11, 2022.
  34. Web site: Spangler . Todd . Redbox Is Now Officially Part of Chicken Soup for the Soul Entertainment After $370 Million Deal Closes . Variety . August 11, 2022 . 12 August 2022.
  35. Web site: Frankel . Daniel . April 1, 2024 . Chicken Soup For the Soul Receives Delisting Notification From Nasdaq . April 23, 2024 . NextTV . en.
  36. Web site: Frankel . Daniel . April 23, 2024 . Chicken Soup Reports $637 Million Loss for 2023, Preps Investors for Bankruptcy . April 23, 2024 . NextTV . en.
  37. Web site: Hayes . Dade . 2024-06-18 . Ailing Redbox Owner Chicken Soup For The Soul Entertainment Removes Entire Board Of Directors Except For Chairman And CEO Bill Rouhana . 2024-07-07 . Deadline . en-US.
  38. Web site: Hayes . Dade . Redbox Owner Chicken Soup For The Soul Entertainment Files For Chapter 11 Bankruptcy Protection . Deadline Hollywood. June 29, 2024 . June 29, 2024 .
  39. Web site: O'Brient . Samuel . 2024-07-02 . CSSE Stock Alert: Chicken Soup for the Soul on the Brink of Death After Bankruptcy Filing . 2024-07-07 . InvestorPlace . en-US.
  40. Web site: Hayes . Dade . 2024-06-26 . Troubled Redbox Parent Chicken Soup For The Soul Entertainment Is Nearly A Week Late Paying Employees; Medical Benefits Also Cut . 2024-07-07 . Deadline . en-US.
  41. Web site: Hayes . Dade . 2024-07-01 . Bankrupt Redbox Parent Chicken Soup For The Soul Entertainment Installs New CEO And Board Of Directors . 2024-07-07 . Deadline . en-US.
  42. Web site: Hayes . Dade . 2024-07-05 . Bankrupt Redbox Parent Chicken Soup For The Soul Entertainment Gets Judge's Preliminary OK For Plan Restoring Employee Pay And Benefits . 2024-07-07 . Deadline . en-US.
  43. Web site: Redbox Owner to Be Liquidated Following Alleged Mismanagement. Randles. Jonathan. July 10, 2024. July 10, 2024. Bloomberg Law. en.
  44. Web site: Hayes . Dade . 2024-07-10 . Redbox Owner Chicken Soup For The Soul To Liquidate In Chapter 7 Bankruptcy Shift; Workforce Of 1,000 To Be Let Go And 24,000 Kiosks Shut Down, Lawyer Says . 2024-07-11 . Deadline . en-US.
  45. Web site: Chicken Soup for the Soul Awards, Announcements, and Recognition. Chicken Soup for the Soul. 11 March 2018. https://web.archive.org/web/20180312143956/http://original.chickensoup.com/cs.asp?cid=awards. 12 March 2018. dead.

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