First a deal with Verizon; now Coinstar buys a competitor |
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First a deal with Verizon; now Coinstar buys a competitor
Coinstar's Redbox subsidiary, which announced a joint venture with Verizon on Monday morning, has now said it's buying part of NCR Corp. that includes Blockbuster Express movie kiosks – a key competitor to Redbox.
The deal is subject to regulatory approval but is expected to close in the third quarter of this year, according to a statement by Coinstar Inc. The company said Redbox is paying up to $100 million for NCR's entertainment assets.
Bellevue-based Coinstar also announced fourth-quarter earnings today that exceeded expectations: $31.5 million, or nearly triple the $11.7 million announced the previous year. Those profits came on revenue of $520 million, up from $391 million a year ago – and were driven largely by the success of Redbox, Coinstar's movie-kiosk subsidiary.
Early Monday (Feb. 6) Redbox announced a venture with Verizon to begin offering streaming movies and other content for mobile devices, beginning in the second half of this year. The move launches the companies directly into the hotly contested business of movie streaming, dominated by Netflix and Amazon.com.
Coinstar and Verizon would not say where or how they'll obtain rights to content, putting off questions until "the coming months."
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