9/13/2019, 10:00 PM (Source: TeleTrader)
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MoviePass to close on September 14

United States movie ticketing service MoviePass Inc. said it will cease operations on Saturday.

The subscription-based application, which allowed users to purchase up to three movie tickets per month for a monthly fee, said that it planned to close down the service because its efforts to recapitalize had not been successful. It added that it had formed a strategic review committee composed of its independent directors that would review "strategic and financial alternatives" for the company. Among the options being considered were a sale of the company in its entirety or a sale of its assets, including MoviePass, Moviefone and MoviePass Films.

MoviePass was launched in 2011 and based in New York City. It explored several pricing structures before announcing in August 2017 that it would offer a plan with a single movie per day for $9.95 a month.

Breaking the News / DZ