Redbox Looks to Go Public Again in SPAC Deal

·2 min read
Redbox Looks to Go Public Again in SPAC Deal

Not DVD rental giant Redbox, which believes the discs not only have life to them, but also that they'd make a good investment. It agreed to merge with special purpose acquisition company Seaport Global Acquisition (NASDAQ: SGAM) to form a company with a $693 million enterprise value. While streaming video captures the headlines, Redbox operates 40,000 kiosks that service some 39 million loyalty program members (13 million active), of whom 70% identify as "late adopters" of new technology like streaming.