Redbox still exists, plans to go public
If you live in a major metropolitan area with great high-speed internet, you will be forgiven for forgetting Redbox exists. But the company that rents new releases from big red kiosks at grocery stores is still alive and kicking, and Variety is reporting it intends to go public after it was acquired by the special purpose acquisition company (SPAC), Seaport Global Acquisition Corp. The new company is reportedly valued at $693 million.
Redbox has had success operating completely counter to Netflix, Disney Plus, HBO Max, and all the other behemoth streamers that rely on set-top boxes, new TVs, and solid internet to function. According to Redbox, around 70 percent of its customers would be classified as “late adopters.” They’re people who…