Sony Sells Crackle Majority Stake to Chicken Soup for the Soul

[Y2kTheNewOldies]

https://www.hollywoodreporter.com/news/sony-sells-crackle-majority-stake-chicken-soup-soul-1197934

The companies will launch a joint venture, Crackle Plus, to operate the streaming video business.
Sony Pictures Television has found a partner for Crackle.

The entertainment company has sold a majority stake in the online video business to Chicken Soup for the Soul Entertainment, part of the Connecticut-based company behind the inspirational book series.

Together, the two companies will operate a new joint venture, Crackle Plus, that will house the ad-supported streaming service. "Crackle is a valuable asset and we feel confident it will thrive and grow in this new environment with CSS Entertainment," Sony TV chairman Mike Hopkins said Thursday in a statement. "We were drawn to CSS Entertainment as our partner in this venture because of its aggressive, entrepreneurial approach. The CSS Entertainment team have the enthusiasm and strong business acumen to ensure Crackle Plus is poised to maximize the growing opportunities in the AVOD marketplace."

Crackle GM and Sony chief digital officer Eric Berger is expected to leave the company after the deal has closed.

CSS Entertainment will run Crackle's operations.

 

[TheBigA]

It's funny how Sony, which was originally a technology company, has been selling off its technology assets. For example they've sold off most of their share in Spotify. Their focus these days seems to be content.