DISH Network to acquire Blockbuster’s assets
Englewood, CO, United States (AHN) – DISH Network Corp. has been selected as the winning bidder in the bankruptcy court auction for all of Blockbuster, Inc.’s assets. DISH Network’s winning bid was valued at nearly $320 million.
In announcing the acquisition, DISH Network said Wednesday it will pay out approximately $228 million in cash to acquire Blockbuster sometime in the second quarter of 2011.
“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,” said Tom Cullen, executive vice president of sales, marketing and programming for DISH Network.
He went on to say, “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.”
Completion of the deal is contingent upon certain conditions being met and bankruptcy court approval.
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