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.