MoviePass will be discarded by the parent company

MoviePass will be discarded by the parent company https://i0.wp.com/www.eresviral.com/wp-content/uploads/2018/10/MoviePass-será-desechado-por-la-empresa-matriz.jpg?fit=260%2C146&ssl=1

MoviePass will be discarded by the parent company







MoviePass, the movie discount ticket subscription service, is being split by the company that owns it.

Helios and Matheson Analytics Inc. did not try to hide Tuesday's reasons. MoviePass has become a burden.

MoviePass attracted millions of subscribers, attracting them with a monthly fee of $ 10. But that was expensive. Because MoviePass generally pays theater the total cost of tickets ($ 15 or more in large cities), a single movie can put the service in red. At one point, Helios and Matheson had to obtain an emergency loan of $ 5 million to pay their payment processors after the late payments led to service interruptions.

Then, last week, the company acknowledged that it is being investigated by the New York Attorney General on allegations that he cheated investors.

Helios and Matheson, based in New York, say they do not believe that he has cheated anyone, and that he has presented all public disclosures in a timely and truthful manner.

"Since acquiring control of MoviePass in December 2017, HMNY has become largely synonymous with MoviePass for the public, which leads us to believe that our shareholders and HMNY market perception could benefit by separating our assets. related to movies from the rest of our company, "said President and CEO Ted Farnsworth in a prepared statement.

The shares of Helios and Matheson, which is a data company, have been punished throughout the year.

MoviePass Entertainment is expected to be listed on the Nasdaq or in an alternative trading market.

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