Despite the old-school name, Moviefone is now a digital media business with trailers, movie information and ticketing via Fandango — it says it reaches 6 million unique visitors each month.
Moviefone was previously owned by Oath, the Verizon subsidiary formed from the merger of AOL and Yahoo. (Oath also owns TechCrunch). AOL acquired Moviefone for $388 million back in 1999.
The deal includes a $1 million cash payment, as well as stock that could bring the total value up to $23 million, according to Variety. That means Oath now has a stake in MoviePass. It will also continue sell Moviefone’s digital ad inventory.
MoviePass, meanwhile, allows customers to pay $9.95 a month (or less) to get one free movie ticket per day, albeit with inconveniences like the need to physically buy your ticket at the theater. Acquiring Moviefone is supposed to help the company expand into content and advertising.
“This natural alignment between MoviePass and Moviefone will help us grow our subscriber base significantly and expand our marketing and advertising platform for our studio and brand partners,” said MoviePass CEO Mitch Lowe in the acquisition release. “Moviefone has been a go-to resource for entertainment enthusiasts for years, and we’re excited to bolster its presence and bring this iconic platform into the entertainment ecosystem of the future.”