Satellite company had the winning $320 bid for the bankrupt rental company's assets
DISH Network has completed its $320 million acquisition of Blockbuster, the satellite company announced on Tuesday.
“We are pleased to have purchased the assets of Blockbuster and look forward to building on the nationally recognized Blockbuster brand while improving the experience of delivering entertainment to consumers,” Tom Cullen, executive vice president for DISH Network, said in a statement.
Earlier this month, Dish beat out billionaire investor Carl Icahn and Cobalt Video, a consortium of lenders, for the bankrupt video chain's assets.
Blockbuster filed for Chapter 11 last fall, after struggling under nearly $1 billion in debt for much of the past year. It listed the major studios as its unsecured creditors.
It puts itself up for sale in February after it was unable to agree to a recapitalization plan with its creditors.
← Previous Story