Updated Sep 14, 2019

MoviePass ends all subscriber services

MoviePass logo. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

MoviePass ended all subscriber services on Saturday, after its parent company Helios and Matheson announced details of its financial troubles Friday.

Catch up quick: MoviePass' cheap ticketing plans launched with plenty of buzz in 2017, but the company never found a sustainable way to stay afloat. Helios and Matheson is now considering whether to sell the company as a whole to review its "strategic and financial alternatives." MoviePass, which had around 225,000 subscribers in August, sunk shares for Helios and Matheson by roughly 99% in 2018.

  • MoviePass claims it will give subscribers "appropriate refunds for their period of service already paid for" and that subscribers will not need to request their refunds, per CEO Mitch Lowe's letter on Saturday.

Go deeper: How movie theaters are surviving big tech

Editor's note: This story has been updated to reflect that MoviePass shut down on Saturday, Sept. 14.

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A whole new world for Netflix

Photo: Getty Images

Since announcing it had shelled out half a billion dollars for rights to stream "Seinfeld" starting in 2021, Netflix's stock has been careening downward, highlighted by Friday's 5.5% drop.

What's happening: The stock has been challenged for much of the year, but suffered mightily after what initially looked like a reprieve in July until it released disappointing Q2 earnings showing it lost more than 100,000 subscribers in the U.S. (It was expected to gain over 300,000.)

Go deeperArrowSep 23, 2019

Thomas Cook collapses: 150,000 travelers stranded

Thomas Cook check-in desks at London Gatwick Airport. Photo: Rick Findler/PA Images via Getty Images

Thomas Cook, the world's oldest travel firm, confirmed in a statement early Monday that it's gone into administration, immediately ceasing trading and operations.

Why it matters: Per the Financial Times, after weekend rescue package talks between Thomas Cook and the British government, lenders and shareholders broke down, the company's collapse left 150,000 travelers stranded abroad — as the Civil Aviation Authority puts together the "biggest emergency repatriation in peacetime."

Go deeperArrowUpdated Sep 23, 2019

WeWork's Adam Neumann to step down as CEO

Adam Neumann. Photo: Cindy Ord/Getty Images for WeWork

Adam Neumann, co-founder of WeWork, is stepping down as chief executive of its parent company, the We Company, Axios has confirmed. He will become the non-executive chairman of the company while two executives take over as co-CEOs.

Why it matters: For a decade, Neumann was the face of the office co-working company, leading the business to a massive $47 billion valuation before it struggled to get its IPO off the ground over the last couple of weeks.

Go deeperArrowSep 24, 2019