PJT Partners Sues M&A Client Redbox for $3 Million Unpaid Fee
- Suit is latest twist in strange journey for onetime meme stock
- Movie rental kiosk operator was acquired in $398 million deal
A Redbox rental kiosk in San Ramon, California.
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Paul J. Taubman’s PJT Partners LP is suing client Redbox Entertainment Inc., which it advised on its 2022 sale, for around $3.4 million in fees the boutique investment bank says remains unpaid.
Redbox, which operates movie rental kiosks frequently located in supermarkets, hired PJT in February 2022 and agreed to pay the firm a 1.5% fee on a successful transaction, according to the lawsuit filed Friday in New York state court. A few months later, Chicken Soup for the Soul Entertainment Inc. agreed to buy Redbox in an all-stock deal eventually valued at $398 million.