Dish Network wins Blockbuster auction

Pending approval at a hearing scheduled for Thursday, Dish Network will acquire Blockbuster Inc. following an auction that took place earlier this week. The company’s winning bid was approximately $320 million but the acquisition is expected to land at about $228 million in cash, taking into account Blockbuster’s inventory, available cash and other adjustments. Blockbuster was put up for sale at an auction on Monday following its recent bankruptcy filing, and several companies competed for control of Blockbuster’s business and assets. Dish’s winning bid topped several other bidders including Cobalt Video, a group of hedge funds lead by Monarch Alternative Capital, and billionaire investor Carl Icahn. “Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for Dish Network,” said Dish Network’s EVP of sales, marketing and programing, Tom Cullen.

Read

blog comments powered by Disqus