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Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) (“the Company”), one of the largest operators of ad-supported video-on-demand (“AVOD”) networks, today announced today that its board of directors approved an additional $10 million for its common share buyback program.
Since November 2021, the Company has repurchased a total of 1,520,168 shares in open market transactions for approximately $19.9 million, completing its prior repurchase authorization of up to $20 million. The Company anticipates that any potential additional redemption activity would also be conducted on an opportunistic basis, through open market transactions.
“Today’s increase in repurchase authorization reflects continued confidence in the execution of our strategic plan to build the best AVOD. We have accomplished a great deal over the past year, building the infrastructure and capabilities that will allow us to scale the business significantly over time. Today, we have an incredibly robust library of content, and with our recently improved technology and ability to release original and exclusive programming at least once a week, we’re poised to seize the huge opportunity that we see in the booming streaming industry. said Chris Mitchell, CFO of Chicken Soup for the Soul Entertainment.