(CNN) – MoviePass, once a revolutionary ticketing service, is temporarily shutting down on Saturday and it’s unclear if it will return.
Helios and Matheson, the parent company of the service, which offered theatergoers the ability to see one movie day for a fee of $10 a month, announced that it would be interrupting the service on Saturday.
Helios and Matheson’s efforts to recapitalize MoviePass have “not been successful to date,” the company said in a press release on Friday.
“The Company is unable to predict if or when the MoviePass service will continue,” Helios and Matheson said in a statement on Friday. “The Company is continuing its efforts to seek financing to fund its operations.There can be no assurance that any such financing will be obtained or available on terms acceptable to the Committee.”
This is a developing story…