Coinstar said it is positioning to purchase the remaining stake of Redbox Automated Retail LLC from GetAMovie Inc. and other minority interest holders, which would give Coinstar 100% of Redbox.
With 35 million unique customers and 12,000 locations, redbox has become the leading DVD renter through self-service kiosks in the U.S. Redbox rents movie releases for $1 per night and allows consumers to rent in one location and return at another location.
The redbox kiosks can be found nationwide in convenience stores, various McDonald’s, grocery stores, as well as Walmart and Walgreens stores.
“Redbox has been a great addition to our 4th Wall product portfolio, and we are very enthusiastic about the DVD rental kiosk market having seen tremendous growth and acceptance over the past few years,” said Paul Davis, chief operating officer at Coinstar Inc. “Redbox has a strong business model and management team and we look forward to seeing continued growth as a combined company.”
“Redbox has a very positive and cooperative relationship with Coinstar and we’re pleased with today’s announcement,” said Gregg Kaplan, CEO of Redbox. “The growth of the self-service DVD rental market continues to be brisk, and the combination of $1 per night pricing and the extreme convenience offered by redbox continues to be enthusiastically embraced by consumers.”