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Former Helios and Matheson CEO Ted Farnsworth said on Tuesday that he wants to buy the company's movie subscription service in an exclusive interview with FOX Business's "Mornings with Maria".
Helios and Matheson Analytics Inc. hold a majority stake in MoviePass, which allowed subscribers to attend one movie a day for about $ 10 a month. The service was officially shut down on Sept. 14, but the MoviePass service had already been shut down in July, the company claiming to work toward improving its application.
"We have created the fastest growing subscription with MoviePass, and to date, we have thousands of people every day sending us emails to join us and be on the waiting list," he said. he told Maria Bartiromo. "So, taking the private side for now and then consolidating it and restarting it, was putting a group of investors together and making an offer for the company."
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The offer, which requires approval from the Helios and Matheson Boards, includes all assets, including MoviePass Inc., MoviePass Films, MoviePass Ventures and Moviefone, according to the company's press release. The terms of the offer were not disclosed.
Farnsworth has stepped down as Chairman of the Board of Helios and Matheson and has been appointed to the Board of Directors to avoid conflicts of interest related to the sale.
Until now, the response from investors has been excellent, he said.
"Everyone understands the brand, its size. We have obviously built it faster than Netflix or Spotify, anyone in the world, "he said. So I think we looked at our technology problems and other problems we had along the way. "
MoviePass is not the only ticket subscription service to fall. His former rival, Sinemia, said in April that he was shutting down in the United States. In the past two years, people have been expecting the company to fail, he said.
"Everyone said we would not last, you know, 30 days," he said. "And now, AMC Regal, they've all copied our program and are all subscribers; so we broke the pattern and now, for me, as an independent, I think it's time to rebuild it and regroup. It's a good thing. "
Similar services offered by cinema owners seem to be more successful than MoviePass. AMC Theaters announced last month that its Stubs A-List program has over 900,000 subscribers. The service allows members to watch three films a week, but only in AMC institutions.
To move the company forward, Farnsworth said the strategy includes repairing the technology.
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"We had a lot of players playing the system from the start because we were growing so fast – 3.5 million subscribers, you know, in a year and a half – paying subscribers," he said. "So, I think it's enough to slow down, make it grow more slowly, sit back and watch it."
In addition, Farnsworth said the company also plans to continue making films.
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