Less than a week after it was declared dead by the business coroners, movie ticket subscription company MoviePass may soon rise from the grave as Ted Farnsworth, former CEO of MoviePass’ owner Helios & Matheson Analytics, has submitted an offer to buy all of Helios & Matheson and its subsidiaries.
Variety reports that Farnsworth has stepped down from his roles in the company to avoid any potential conflict of interest, but still thinks that MoviePass remains a very viable and potentially valid service.
In a statement to the trade, Farnsworth says:
“I believe there is great unrealized value in MoviePass and we want to rebuild and make sure it reaches its full potential. I have always believed in the business model and the brand [former MoviePass CEO] Mitch Lowe and I built at MoviePass. There’s tremendous appetite for movie theater ticket subscription.
We presided over the investment of hundreds of millions of dollars to build MoviePass and its family of companies. We are proud of what we built over the past two years and have no intention of walking away now. I believe in the company’s future and look forward to regaining the confidence of our members and former customers.”
The brand itself may be beyond saving at this point following an extensive Business Insider article not long ago going into mismanaged spending and shady practices.