Redbox Receives Payment of $16.8 Million Following Withdrawal From Verizon Venture
Outerwall subsidiary Redbox and Verizon signed a withdrawal agreement Oct. 19 in which Redbox withdrew as a member of Verizon and Redbox Digital Entertainment Services, according to an SEC filing (http://bit.ly/10oGHp1). Under the agreement, all of Redbox’s rights under the…
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joint venture’s operating agreement will be extinguished and all outstanding amounts including expense reimbursements will be settled in exchange for a payment of $16.8 million to Redbox. Outerwall has made total cash capital contributions to the venture of $77 million and has received total cash totaling $70.5 million, including revenue attributable to DVD and Blu-ray rentals, the filing said. Redbox Instant by Verizon ceased consumer operations Oct. 7.