Andre Yoskowitz
6 Apr 2011 12:16
The Dish Network has secured the winning bid in the race to buy up Blockbuster's assets, paying about $228 million after "certain adjustments" are made for available cash and inventory. The winning bid was actually $320 million.
Both companies expect the deal to close in the Q2.
Says Tom Cullen, executive vice president of Sales, Marketing and Programming for DISH Network:
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. 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.