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NEW YORK (AP) - MoviePass, the struggling discount movie ticket subscription service, is being spun off by the company that owns it.
Helios and Matheson Analytics Inc. did not try to obscure the reasons why on Tuesday. MoviePass has become a burden.
At one point Helios and Matheson had to take out a $5 million emergency loan to pay its payment processors after missed payments resulted in service outages.
Then, last week, the company acknowledged that it is being investigated by the New York Attorney General on allegations that it misled investors. (Ain't that the trute!)
Shares of Helios and Matheson, which is a data company, have been punished all year long.
MoviePass Entertainment is expected to list on the Nasdaq or an alternate trading market.
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Since they went to 3 movies a month instead of unlimited, the ones allowed are in their second week and are usually at night. For a while, I would check the offerings and drive over to the theater. By the time I got there the offered movies had changed or disappeared! I thought I was nuts until I read another members complaint about the same thing. They have their best programmers working on this, obviously. Is Mitch still hanging on for a big payday and a quick exit?
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Topic - MoviePass to be jettisoned by parent company - Billy Wonka 12:43:17 10/23/18 (0)
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