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Dish Network Wins Bid, Acquires Blockbuster
Wed Apr 06, 2011 at 05:30 PM ETTags: Dish Network, Blockbuster, Industry Trends, High-Def Retailing (all tags)
After adjustments for inventory and other considerations, Dish is paying around $228 million in cash.
The auction for the rental giant has closed and Dish Network has emerged as the winner. Their bid was for $320 million, but the company says that they expect to pay around $228 million in cash when all is said and done.
"With its more than 1,700 store locations, a highly recognizable brand and multiple methods of delivery," says Tom Cullen, VP of Sales and Marketing for Dish, "Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for Dish Network."
Dish has not yet revealed what they plan to do with Blockbuster's existing stores or how they plan to leverage their new acquisition, but Cullen says that "we look forward to working with its employees to re-establish Blockbuster's brand as a leader in video entertainment."
Source: Engadget
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Dish Puts in a Bid on Blockbuster
Mon Apr 04, 2011 at 01:40 PM ETTags: Dish Network, Blockbuster, Industry Trends (all tags)
Billionaire and shareholder activist Carl Icahn put in a bid as well.
Today’s the day – Blockbuster is up on the auction block and we should find out pretty soon who is going to end up with the company. A few new potential buyers have been revealed, including billionaire Carl Icahn and satellite television provider Dish Network.
The folks at DISH have a lot to gain from a Blockbuster purchase. Specifically, Blockbuster has existing contracts with movie studios, strong relationships and a recognizable brand name. Acquiring Blockbuster could also help DISH come up with a way to compete with Netflix.
Icahn is a bit of a different story. As one of the richest men in the world, he can easily pick up the rental company. He has a bit of history with Blockbuster too – he was a director of the company until 2010.
Source: Home Media Magazine
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