Blockbuster — once the king of video rentals — has reached an ignoble end. The carcass of the once-sterling company has been snatched up for nothing, for its bones. Dish Network announced on Wednesday that it was the winning bidder in the bankruptcy court auction for the assets of Blockbuster. The satellite company’s winning bid was approximately $320 million. After adjustments, Dish will pay a paltry $228 million in cash to acquire the devastated rental company. The deal is expected to close in the second quarter of 2011.
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Dish Scoops Up Blockbuster for a Pittance
Posted by: Rob Spiegel April 6, 2011 12:06 PMBlockbuster — once the king of video rentals — has reached an ignoble end. The carcass of the once-sterling company has been snatched up for nothing, for its bones. Dish Network announced on Wednesday that it was the winning bidder in the bankruptcy court auction for the assets of Blockbuster. The satellite company’s winning bid was approximately $320 million. After adjustments, Dish will pay a paltry $228 million in cash to acquire the devastated rental company. The deal is expected to close in the second quarter of 2011.