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"We are very pleased to enter into this agreement with Summit as it underscores our commitment to creating winning relationships for our customers and studio partners," said Mitch Lowe, president, redbox. "This agreement ensures that we will continue to deliver engaging and popular Summit movie titles to consumers at our kiosks when they are first released at an affordable price."
The agreement provides redbox customers with greater access to Summit's new release titles and popular catalog as well as the studio's direct-to-DVD titles. Feature films include the highly popular Twilight, the first in the series of the thriller romance franchise, the hit film Knowing, and the upcoming The Twilight Saga: New Moon.
"Having Summit's films distributed through the redbox network provides consumers greater access to our broad range of titles," said Stephen Nickerson, president of home entertainment at Summit Entertainment. "In addition, by redbox agreeing to destroy DVDs once they pass their rental life, the risk of low-cost, previously-viewed DVDs being sold into the market is lowered. We see this agreement as a win for both Summit and redbox."
The two year deal commences January 1, 2010. Redbox has agreed to destroy the Summit product once redbox removes it from the kiosk.
About Redbox
Redbox Automated Retail, LLC, a wholly-owned subsidiary of Coinstar, Inc. (Nasdaq: CSTR), offers new release DVD rentals through its network of conveniently located, self-service kiosks. Redbox is available at more than 15,000 locations nationwide, including select McDonald's restaurants, leading grocery and convenience stores, and Walmart and Walgreens locations in select markets. For more information, visit www.redbox.com.
About Summit Entertainment, LLC
Summit Entertainment, LLC is a worldwide theatrical motion picture development, financing, production and distribution studio. The studio handles all aspects of marketing and distribution for both its own internally developed motion pictures as well as acquired pictures. Summit Entertainment, LLC also represents international sales for both its own slate and third party product. Summit Entertainment, LLC plans to release 10 to 12 films annually.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including phrases conveying expectation or intent and other expressions identifying future performance. The forward-looking statements in this release include statements regarding Redbox's relationship with Summit Entertainment relating to among other things, a DVD licensing arrangement. Forward-looking statements are not guarantees of future performance and actual results may vary materially from the results expressed or implied in such statements. Differences may result from actions taken by Redbox or Summit Entertainment, including those beyond Coinstar or Redbox's control. Such risks and uncertainties include, but are not limited to, the early termination or renegotiation on materially adverse terms of the licensing agreement and failure to abide by the terms and requirements of the licensing agreement. The foregoing list of risks and uncertainties is illustrative, but by no means exhaustive. For more information on factors that may affect future performance, including our relationship with Summit Entertainment, please review "Risk Factors" described in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. These forward-looking statements reflect Coinstar, Inc.'s expectations as of the date hereof. Coinstar, Inc. undertakes no obligation to update the information provided herein.
SOURCE Redbox
http://www.redbox.com
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