SAN Sanofi

By Michael Dabaie

Chicken Soup for the Soul Entertainment Inc. said Tuesday it would get 100% ownership of the Crackle Plus joint venture.

Chicken Soup, which operates of streaming advertising-supported video-on-demand networks, said Sony Pictures Television exercised its option with respect to its stake in Crackle Plus, giving Sony the right to obtain $40 million of preferred stock in Chicken Soup for the Soul in exchange for its stake in Crackle Plus.

For the next 30 days Chicken Soup for the Soul Entertainment has the right to pay cash in lieu of some or all of the preferred stock. The company said it has already determined that it will give Sony some portion in preferred stock.

The transaction gives Chicken Soup for the Soul Entertainment 100% ownership and control of Crackle Plus.

Shares of Chicken Soup for the Soul were up 3.6%, to $18.70, in early trading.

"Sony has been an incredible partner for Chicken Soup for the Soul Entertainment and this transaction is the natural next step in our relationship," said Chicken Soup for the Soul Chief Executive William J. Rouhana Jr. "We welcome Sony as a large shareholder and look forward to continuing to work closely with them."

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

December 15, 2020 10:00 ET (15:00 GMT)

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