It's been all quiet on the MoviePass front for some time—well, except for the New York Attorney General investigation into the company (per Deadline), but what can you do? In the latest installment of the MoviePass Deathwatch Cinematic Universe, the service will have what we'll call a reboot—in fear of MoviePass's troubles leading to bankruptcy, the service's parent company Helios And Matheson (HMNY) is spinning it off into its own entity.
This new company will be called MoviePass Entertainment Holdings, and will be home of the service's ticketing, film financing, and film production dealings. The spinning off will require the approval of the SEC, the Nasdaq, and the state of Delaware, because of course MoviePass is based there. Here's what Ted Farnsworth, chairman and CEO of Helios and Matheson and possible Professor Farnsworth from Futurama ancestor had to say:
“Since we acquired control of MoviePass in December 2017, HMNY largely has become synonymous with MoviePass in the public’s eye, leading us to believe that our shareholders and the market perception of HMNY might benefit from separating our movie-related assets from the rest of our company.”
Translation: we don't want this, broskis.