Helios and Matheson to spin off MoviePass into a separate company

Helios and Matheson Analytics

23/10/2018 14:31

Oct 23 (Reuters) - Helios and Matheson Analytics Inc
 HMNY.O  said on Tuesday it will spin off its movie theater
subscription service MoviePass into a separate public company.
    The data company, which took a controlling stake in
MoviePass in December, now owns a 92 percent stake in the
business. 
    Helios and Matheson said it would create a new unit
MoviePass Entertainment Holdings Inc that would take ownership
of the shares of MoviePass Inc and other film related assets
held by the company.  urn:newsml:reuters.com:*:nBw8RKtf6a
    MoviePass allows subscribers to watch three movies a month
for a flat fee of $9.95 and get discounts on additional movie
tickets. 
    The company's stock has lost nearly all its value this year
as it burned through cash to support the MoviePass business.
    Shares of the company rose about 40 percent to 2 cents after
the bell.
     

 (Reporting by Supantha Mukherjee in Bengaluru; Editing by Arun
Koyyur)
 ((supantha.mukherjee@thomsonreuters.com; within U.S.+1 646 223
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