DVD rental kiosk company Redbox takes a different spin today as a group of funds from Apollo Global Management closed a $895 million deal (not including debt) to buy the DVD kiosk company’s parent, Outerwall.
Apollo divided operations into three separate businesses with Galen Smith, who had been Outerwall’s CFO, becoming Redbox’s CEO. Outerwall CEO Erik Prusch left the company.
Outerwall shares are down more than 22% this morning — a loss of $286.4 million in market value — after it told investors that its Redbox kiosk DVD rental service will fall short of Q4 financial expectations. It’s “challenged by the...
A lot of people are asking that question today after the company behind the DVD rental kiosks reported disappointing results for Q2. Shares of Outerwall (formerly Coinstar) closed down 13.2% after it said that Redbox revenues increa...
Apollo Global will buy Outerwall, known for its Redbox film rental kiosks and Coinstar coin-counting machines, for $52 a share and take the company private.
Outerwall agreed to be acquired by private-equity firm Apollo Global Management for roughly $895 million, which would take the owner of Redbox movie-rental kiosks private.