MoviePass to end service

MoviePass, the long-beleaguered cinema subscription service that rewrote the rules for going to the movies, will shut down Saturday.

Its New York-based parent company Helios & Matheson Analytics Inc. on Friday said that it would be “interrupting” MoviePass’ service for all its subscribers, citing failed efforts to raise capital for the money-hemorrhaging business.

MoviePass was founded in 2011. It gained a large following in 2017 when Helios & Matheson reduced its price, allowing subscribers to see virtually unlimited movies at theaters for a monthly fee of $9.95.

The service quickly grew to 3 million subscribers, but its business model of subsidizing moviegoing proved unsustainable.

Whole Foods to cut health care

Amazon is cutting health care benefits for employees working less than 30 hours a week at its Whole Foods Market subsidiary beginning next year, a move that union organizers highlighted to bolster their claims that conditions at the company are deteriorating.

Less than 2% of employees — about 1,900 people — who currently buy medical coverage through the company will no longer be able to do so as a result, according to a Whole Foods spokeswoman. Business Insider first reported the cuts Thursday.

“In order to better meet the needs of our business and create a more equitable and efficient scheduling model, we are moving to a single-tier part-time structure,” Whole Foods said in a statement.

The company pledged to help employees find alternative coverage options “or to explore full-time, health care-eligible positions starting at 30 hours per week.”

Disney CEO leaves Apple’s board

Walt Disney Co. CEO Robert Iger has stepped down from Apple’s board of directors as the two companies prepare to launch their own video streaming services to compete against market leader Netflix.

Apple disclosed Iger’s departure in a regulatory filing Friday, but his resignation became effective Tuesday. That’s the same day that Apple announced its long-awaited video streaming service will debut Nov. 1 and cost $5 per month, less than half the price of Netflix’s most popular plan.

Disney is gearing up to launch a video streaming service for $7 per month later in November.

The dueling services raised potential conflicts of interest that apparently prompted Iger to step down after spending nearly eight years on Apple’s board.

Apple praised Iger an “exemplary” board member in a statement.

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