The deal was announced Monday morning by in a joint announcement by both companies.
“Lionsgate has consistently shared our commitment to making content accessible to consumers,” said Galen Smith, CEO of Redbox in a statement. “Thanks to our prolific footprint, and value proposition, Redbox makes new-release content more accessible to millions of consumers nationwide.”
Lionsgate President of Home Entertainment Ron Schwartz said, “Redbox is a longstanding and valued partner. We are pleased to extend our relationship with them and remain committed to delivering a broad portfolio of premium content across an ever-expanding array of linear and digital platforms.”
Redbox has estimated that by the end of 2017, the company will have more than 41,500 kiosks nationwide, thanks to a national expansion of 1,500 net new kiosks this year. The company plans to continue expanding the number of locations in 2018.
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Lionsgate reported on Aug. 8 earnings that easily beat Wall Street projections thanks to profits at its television operation and the strong home entertainment performance of “La La Land.” Revenues for the fiscal first quarter ended June 30 topped out at $1.01 billion, up from $553.5 million in the same time frame in 2016.