Dish Network Corp. (DISH) came out on top with the winning bid for Blockbuster Inc. (BLOAQ) at $228 million. The satellite TV company placed a bid for $320 million, but the value was decreased folowing adjustments for available cash and inventory.
Blockbuster has slimmed down from a peak of 9,100 stores in 2004 to about 2,400 today and there are plans to clost as many as 700 more by the end of the month.
“Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for Dish Network,” Tom Cullen, EVP of sales, marketing and programming for Dish Network, said in a statement.
Bidding kicked off on Tuesday at the U.S. Bankruptcy Court of New York. Englewood, Colo.-based Dish Network plans to close the deal during the second quarter, pending bankruptcy court approval.
Dish Network buys Blockbuster for $228M
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