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MoviePass to shut down Sept. 14

Movie ticket subscription service MoviePass Inc. will shut down Sept. 14.

MoviePass parent Helios and Matheson Analytics Inc. said the company is closing down the service because its "efforts to recapitalize MoviePass have not been successful to date."

Helios said it will continue its efforts to seek funding to bring MoviePass back, but it is "unable to predict if or when the MoviePass service will continue. There can be no assurance that any such financing will be obtained or available on terms acceptable to the Committee."

Helios formed a strategic review committee to explore "strategic and financial alternatives," including a sale of the company in its entirety, a sale of substantially all of the company's assets, including MoviePass, Moviefone and MoviePass Films.

In 2018, Helios reported an operating loss of nearly $320.8 million through the first nine months of the year, an increase over the $10.2 million operating loss it incurred in 2017. The company tied the losses directly to MoviePass and its operations.

Helios owns approximately 92% of the outstanding shares of MoviePass.