Blockbuster has been hurting for some time now, closing up store after store and replacing them with automated kiosks in an attempt to cut costs. But that didn't work and Blockbuster was forced into bankruptcy. Now a buyer has stepped in and purchased Blockbuster: DISH Network.
Additional Resources
• Read more industry trade news from HomeTheaterReview.com.
• See Home Theater Review's guide to Blockbuster, Netflix, and Redbox.
• Learn about Audiovox's acquisition of Klipsch.
• Read the article on TechCrunch's website.
Technology website, TechCrunch.com, reports that the winning bid put in by DISH Network at the bankruptcy auction was approximately $320 million. However, after adjustments were made concerning available cash and inventory the actual payout will be close to $228 million. In cash.
DISH Network beat out billionaire Carl Icahn, who is a major Blockbuster shareholder, as well as Monarch Alternative Capital and South Korea's SK Telecom.
A sale-approval hearing is pending.
