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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.

Go deeper

Dion Rabouin, author of Markets
3 mins ago - Economy & Business

Stock buybacks are kicking back into high gear

Illustration: Aïda Amer/Axios

It was expected that with the economy improving and company balance sheets already loaded with cash, U.S. firms would slow down their debt issuance in 2021 after setting records in 2020. But just the opposite has happened.

Why it matters: Companies generally issue bonds for one of two reasons — because they're worried about not having enough cash to cover their expenses or because they want to lever up and make risky bets.

Ben Geman, author of Generate
52 mins ago - Energy & Environment

Japan vows deeper emissions cuts ahead of White House summit

Japanese Prime Minister Yoshihide Suga. Photo: Carl Court/Getty Images

Japan on Thursday said it will seek to cut greenhouse gas emissions by 46% below 2013 levels by 2030, per the AP and other outlets.

Why it matters: The country is the world's fifth-largest largest carbon dioxide emitter and a major consumer of coal, oil and natural gas.

The global race to regulate AI

Illustration: Annelise Capossela/Axios

Regulators in Europe and Washington are racing to figure out how to govern business' use of artificial intelligence while companies push to deploy the technology.

Driving the news: On Wednesday, the EU revealed a detailed proposal on how AI should be regulated, banning some uses outright and defining which uses of AI are deemed "high-risk."