Dish Network Now Owns Blockbuster
Wins Late Night Auction With Bid of $320 Million
Blockbuster struggled to adapt to competition from Redbox kiosks and Netflix DVD rentals -- as well as broadband video delivery. Early efforts to mirror Netflix's success at streaming video delivery have seemed relatively lackluster
, and the company's CEO, when announcing such broadband initiatives, seemed to almost expect them to fail
. Blockbuster filed for Chapter 11 last fall, beginning a plan to slash debt by $900 million while hoping to keep the company's remaining (then) 3,000 stores open. In February the company put itself on the market, and in an auction that continued well into last night, Dish Network emerged victorious in the bidding -- acquiring the company with a bid of $320 million
"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. "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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Tom Cullen says
Tom Cullen says M.O.O.N. spells throw $320 million down a rat hole. Laws yes.