Jonathan Katz, who joined Chicken Soup for the Soul Entertainment as president in August 2022, is stepping down from that position, the company said.
Katz joined Chicken Soup as it was expanding by buying Redbox Entertainment. Galen Smith, who had been CEO of Redbox, was made executive vice chairman of Chicken Soup, but left the company in December.
A long-time Turner executive, Katz had previously launched Katz Networks–a pioneering group of digital broadcast networks–and sold the company to E.W. Scripps Co. in 2017.
According to a filing with the Securities and Exchange Commission Friday, Katz will serve as a senior advisor to the company effective Saturday, April 22 As a senior advisor, Katz is expected to work with management and other personnel to assure a smooth transition.
In the fourth quarter, Chicken Soup for the Soul Entertainment reported a $56.3 million loss, up from a $22.4 million loss in the fourth quarter of 2021. Revenue tripled thanks to the Redbox acquisition.
Chicken Soup also planned to raise $10.8 million to get additional working capital by selling Class A equity.
In Friday trading, Chicken Soup for the Soul stock plunged 7% to $1.95 a share. The shares fell another 4% in after-hours trading.
