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Paramount, redbox extending trial license agreement
December 13, 2009
Paramount Home Entertainment Inc. and redbox today announced the extension of their licensing relationship through June 30, 2010, lengthening the timeframe that Paramount has to extend the agreement through December 2014. The companies first announced the trial license agreement in August, with Paramount giving redbox access to newly released DVDs on the day of their release and redbox agreeing to provide Paramount with rental data and to destroy Paramount titles once they've been removed from the kiosk.
Dennis Maguire, worldwide president of Paramount Home Entertainment, says the data from the initial trial period has been positive:
We are enjoying our business relationship with redbox and the data from our initial trial period has been encouraging," said Dennis Maguire, Worldwide President of Paramount Home Entertainment. "We are extending the time period that we have to exercise our option in order to give us more time to assess the long-term potential of this business relationship.
If Paramount exercises its option, the agreement with redbox will run through December 2014 and contains an early termination right at Paramount's discretion in December 2011.
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