Movies

Coinstar sells its entertainment services

MUMBAI: Coinstar Inc. has reportedly sold its entertainment services business to Colorado-based National Entertainment Network Inc. (NEN) for a nominal consideration to focus on its Redbox DVD rental kiosks and coin-counting machines.NEN was formed last month in anticipation of acquiring the division. Coinstar said that it expects to receive a net gain of between $25 million to $35 million on the sale.

"Our core DVD and coin kiosk businesses provide a solid foundation and, with the sale of our entertainment services business, we are better positioned to maximize the substantial market opportunity in automated retail," said Coinstar CEI Paul Davis in a statement.

NEN operates coin-operated gumball and toy machines, kiddie rides, skill cranes and video games and other amusement vending machines at malls and supermarkets.


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