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MoviePass parent plans to buy Emmett Furla Oasis Films, run production company

Helios & Matheson Analytics Inc., the majority owner of movie subscription service MoviePass Inc., plans to buy Emmett Furla Oasis Films and use its assets to launch a MoviePass-branded production company, Variety reported May 30.

Emmett Furla Oasis Films executives Randall Emmett and George Furla would serve as co-CEOs of the new MoviePass Films, the report said.

A regulatory filing in April indicated that the subscription film exhibition service MoviePass was facing significant financial headwinds. Helios and Matheson's subscription segment, which reflects the MoviePass business bought in 2017, reported revenue of $5.9 million in 2017, but its reported cost of revenue was $16.9 million. The segment reported a net loss of $12.9 million for the year.

"This [deal] signals our long-term commitment to the movie business," Helios and Matheson CEO Ted Farnsworth said in an interview with Variety. "We're here for the long haul."