MoviePass merger is weighed

The curtain could come down any day on MoviePass’ bumpy run as an independent company.

Majority owner Helios and Matheson Analytics is weighing a merger with the all-you-can-eat movie subscription plan, the company said in a regulatory filing.

Helios is able to make the move without the consent of the MoviePass board because its ownership stake, at 91.8 percent, is over the 90 percent threshold for such a unilateral move, it said in the late Friday filing.

If it proceeds, Helios said it would “structure the merger such that MoviePass would become a whollyowned subsidiary.”

The regulatory filing also pulled back the kimono on just how much cash MoviePass is burning through.

In March, Helios, led by Chief Executive Ted Farnsworth (above) forgave $55.5 million in cash advances to MoviePass over two months ended Feb. 20 in exchange for stock that expand its stake to 81.2 percent from 62.4 percent.

Additional advances of $35 million to support MoviePass’ cash-burning business model, which initially offered subscribers a movie a day for $7.95 a month, took Helios past the 90 percent threshold this month.

MoviePass has pulled back from its generous original offer. A newcomer must now pay $29.85 for three months, which buys only four monthly movies and a trial of iHeartRadio All Access.

Announcement of a possible MoviePass takeover ended a roller-coaster week for Helios’ shares, which jumped 6 percent in June after Verizon announced a 9 percent “passive stake.” They topped out at $4.83 per share on April 17, only to close at $2.27 on April 20 as investors weighed a secondary offering of $30 million to feed its MoviePass beast.