Dish Network bids highest at auction, will acquire Blockbuster for $228M
Posted: 04/06/2011
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By: Associated Press
NEW YORK (AP) - Dish Network Corp. says it won the auction for Blockbuster Inc. with a bid valued at $228 million in cash.
The satellite TV company says it expects to close the deal during the second quarter. The Dallas movie rental chain filed for Chapter 11 bankruptcy protection in September.
Dish Network, based in Englewood, Colo., was one of the companies vying for Blockbuster's assets in a bankruptcy court auction. Its bid beat out offers from billionaire investor Carl Icahn and a group of Blockbuster's debt holders.
Dish Network's bid was for $320 million, but the value decreases to $228 million after adjusting for available cash and inventory.
Copyright Associated Press
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