The fate of Blockbuster is now up for auction. On Monday Blockbuster’s next owner, and future, will be decided. According to Reuters, it’s possible that a new owner could close the video rental chain, liquidate it entirely, or continue operations in a bid to compete with the likes of Netflix and the growing number of online media streaming services. Reportedly, Dish Network Corp. and Carl Icahn have already placed bids for the company, and SK Telecom is also interested. Monarch Alternative Capital LP opened the bidding at $290 million in February when Blockbuster put itself up for sale, and bids last week needed to be less than $296 million to qualify. It’s unclear how much Dish or Icahn bid on Blockbuster, but Dish Network reportedly has plans to continue building Blockbuster’s online movie offering should it win the auction. After a new owner is decided on Monday, it will have to be approved by bankruptcy judge on April 7th before the deal can move forward. Blockbuster filed for bankruptcy in September 2010. More →
Now that the Jerry Yang problem has finally been dealt with, Icahn looks to be gearing up for battle once again. Over the past few days, Billionaire financier Carl Icahn has been buying up more of Yahoo and likely gearing up for another shot at plugging the dam. Icahn’s recent pick ups where made at bargain prices of course, compared to his initial investments. At just under $10, Icahn paid over 50% less than he did during his last buying round where he scooped up a much more substantial 69 million shares. This time around he only bought an additional 6.7 million shares but the odds are fairly good that he isn’t done quite yet. Despite Microsoft CEO Steve Ballmer’s recent statement that the company was no longer interested in acquisition talks with Yahoo, Icahn is likely getting ready to make some major moves that will hopefully help bring Microsoft back to the table. Icahn now owns approximately 76 million shares of Yahoo, placing his stake around 5.5% with a current value hovering around $800 million – well under half of what his current position cost him.