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"I think MoviePass has great unrealized value and we want to rebuild and make sure that it reaches its full potential," Farnsworth said. "I've always believed in the business model and brand that Mitch Lowe and I built at MoviePass.The appetite is great for a movie ticket subscription."
The terms of the agreement have not been disclosed, but this would include MoviePass, Moviefone, the movie list and the information service; MoviePass Films, a film production company; and MoviePass Ventures, a film co-acquisition company. To avoid any conflict of interest, Farnsworth stepped down as chairman and chief executive officer of Helios and Matheson and his position on the board of directors. The acquisition must be approved by the board of directors. If that is the case, Farnsworth hopes to reach the agreement as soon as possible.
MoviePass has already claimed three million subscribers, but that number had dropped to 225,000 last April. He experimented with several pricing models, borrowed money to avoid bankruptcy, temporarily closed his application and let the credit card number of users flee. "Despite the countless pulp stories that have been written about MoviePass, we know what's wrong and other things that have worked well," said Farnsworth. "After all, we've built the subscription sector experiencing the fastest growth in the history of merchandising and many copiers are trying to capitalize on our model in the theater industry."
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