Dish Network's Blockbuster bid gets approval from bankruptcy judge
Dish Network's $320 million offer for fading movie rental chain Blockbuster Inc. was given the thumbs up by a U.S. bankruptcy judge.
The approval starts a new chapter for Blockbuster, once a giant in the entertainment industry with its huge chain of stores around the nation, which fell into dire straits with the growth of Netflix and Red Box.
Dish Network, a satellite broadcaster with 14 million subscribers, has not said much about its plans for Blockbuster. Dish, like other pay-TV distributors, is also facing intense competition from new delivery platforms.
On Wednesday, Dish executive vice president Tom Cullen said, "With its more than 1,700 store locations, a highly recognizable brand and multiple methods of delivery, Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for Dish Network."
Dish beat out several rival bids, including one from investor Carl Icahn.
-- Joe Flint