MoviePass isn’t quite dead, even though Twitter mourned its demise. Turns out there is a plan to keep it alive. The former CEO of MoviePass’s parent company Helios & Matheson, Ted Farnsworth, is in the process of bidding on the company’s assets.
The offer, which will require approval from Helios and Matheson’s board of directors, includes MoviePass, production arm MoviePass Films, film co-acquisition arm MoviePass Ventures, and Moviefone.
In other words, this announcement makes one thing clear: it appears news of MoviePass’ demise have been greatly exaggerated.
“Despite the reams of pulp fiction that have been written about MoviePass, we know what went wrong along the way and the many things that went right,“ Farnsworth said.
“After all, we built the fastest growing subscription business in the history of merchandising and numerous copycats are out there now trying to capitalize on our model in the theater industry.”
Farnsworth said he hopes to close on the transaction as soon as possible, pending acceptance of the offer.
Farnsworth hopes to continue MoviePass’ trajectory upward and onward for MoviePass users. Farnsworth said, “We presided over the investment of hundreds of millions of dollars to build MoviePass and its family of companies. We are proud of what we built over the past two years and have no intention of walking away now. I believe in the company’s future and look forward to regaining the confidence of our members and former customers.”