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Former CEO offers to buy Helios, MoviePass subscription service

Ted Farnsworth, former chairman and CEO at Helios and Matheson Analytics Inc., offered to acquire movie ticket subscription service MoviePass Inc. and its parent Helios, Variety reported Sept. 17, citing an official statement.

Farnsworth also is interested in acquiring MoviePass Films, a film production company that the company started in 2018, as well as Moviefone, a movie listing and information service.

Terms of the offer were not disclosed.

Farnsworth, who stepped down from his roles at Helios and its board, believes there is "great unrealized value in MoviePass" and wants to rebuild it to ensure it reaches its full potential.

Helios shut down MoviePass on Sept. 14 after it failed to recapitalize the business, though it said it will continue its efforts to seek funding to bring MoviePass back.