You know all that news about MoviePass’ parent company Helios and Matheson? The news about how the company’s stock has plummeted to approximately $0.40 a share and how they’re quickly running out of money? Yeah, don’t worry about that. In fact, the company is so healthy, they just purchased their very own production company!
That’s right, Helios and Matheson have purchased Emmett Furla Oasis Films, who have produced such films as “Lone Survivor” and “End of Watch,” according to Variety. The new company, dubbed MoviePass Films, now owns the library of films, as well as their current production slate, and will become a branch of the subscription service devoted to producing their own feature film projects in the future.
READ MORE: MoviePass Says Tweaks To Subscription Service Have Reduced Losses By 35%
Upcoming films on EFO’s production slate include Martin Scorsese’s “The Irishman,” as well as “Boss Level” starring Naomi Watts and Mel Gibson. Previously, MoviePass had already announced deals to distribute upcoming films “American Animals” and “Gotti.”
“This signals our long-term commitment to the movie business,” Helios and Matheson CEO Ted Farnsworth said. “We’re here for the long haul.”
“Since we began disrupting the movie industry with our unprecedented low cost movie theater subscription service, MoviePass, we have envisioned owning and developing our own content and using the power of our several million subscribers to bolster the success of our films,” MoviePass CEO Mitch Lowe said in a statement. “I believe this partnership with Emmett Furla Oasis Films will accelerate those efforts.”
“To do a deal with Helios and MoviePass is epic for us,” said Randall Emmett, co-CEO of EFO films. “The MoviePass subscription service has totally disrupted the movie industry, for the better.”
READ MORE: MoviePass Brings Back Movie-A-Day Plan As CEO Shrugs Off Recent Financial Reports
This acquisition comes on the heels of many pundits predicting the demise of the movie theater subscription service. With financial reports pointing to impending doom, everyone BUT MoviePass seems to think the company isn’t going to be around much longer.
And yet again, in the face of negative criticism and poor financial data, the company is moving forward with another big venture, in an attempt to diversify.