Blockbuster acquired by Dish Network
By Sean O’Connell
Hollywoodnews.com: Following an all-day auction, Blockbuster Video reportedly has been acquired by Dish Network for a bid that has been estimated at $320 million.
Dish Network’s winning bid reportedly knocked out other suitors, including investor Carl Icahn, according to THR, which says Dish likely will pay out $228 million in cash following adjustments.
Blockbuster needs the money to repay some of its debts. Dish, meanwhile, plans to continue operating Blockbuster stores, using them to promote Dish’s brand and services.
“With its more than 1,700 store locations, a highly recognizable brand and multiple methods of delivery, Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for Dish Network,” Tom Cullen, executive vice president of sales, marketing and programming for Dish, told THR.
“While Blockbuster’s business faces significant challenges, we look forward to working with its employees to re-establish Blockbuster’s brand as a leader in video entertainment.”
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