Posted Wed Apr 6, 2011 at 02:30 PM PDT by Dick Ward
After adjustments for inventory and other considerations, Dish is paying around $228 million in cash.
The auction for the rental giant has closed and Dish Network has emerged as the winner. Their bid was for $320 million, but the company says that they expect to pay around $228 million in cash when all is said and done.
"With its more than 1,700 store locations, a highly recognizable brand and multiple methods of delivery," says Tom Cullen, VP of Sales and Marketing for Dish, "Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for Dish Network."
Dish has not yet revealed what they plan to do with Blockbuster's existing stores or how they plan to leverage their new acquisition, but Cullen says that "we look forward to working with its employees to re-establish Blockbuster's brand as a leader in video entertainment."
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