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Sony Pictures Sells Stake in Crackle TV Unit to Chicken Soup for the Soul

  • Chicken Soup CEO hints deal positions it as a future target
  • Shares of CSS Entertainment earlier climbed most in a year
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Sony Pictures Television is selling its ad-supported video content network, Sony Crackle, to Chicken Soup for the Soul Entertainment Inc. in a joint-venture agreement.

Chicken Soup, an advertising-video-on-demand (AVOD) network operator, will own a majority stake in the new streaming video service to be branded Crackle Plus. Chief Executive Officer Bill Rouhana anticipates the venture "will more than double the revenue" for Chicken Soup "and probably do the same for Ebitda."