Oct
23
MoviePass owner is planning to offload the troubled business
Posted in: Uncategorized
MoviePass’s owner is looking to break up with the embattled subscription business, which has drained its coffers and obliterated its stock price.
Helios & Matheson Analytics, which acquired MoviePass last year and soon became synonymous with the service, plans to spin off the entity as a publicly held company on the Nasdaq Stock Market.
The move is a bid to restore the reputation of Helios & Matheson after it lost nearly 100 percent of its value this year, hammered by concerns that MoviePass’s losses will torpedo the company. Investors applauded the spinoff idea, sending shares of Helios & Matheson up as much as 51 percent on Tuesday. Still, that only brings the beleaguered stock to 2.6 cents.
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