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Blockbuster filing for bankruptcy next month? Probably.

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It's not official, but rumor that Blockbuster is preparing to file for bankruptcy in September is certainly believable. Expected even. According to several sources speaking to the Los Angeles Times, Blockbuster chief executive Jim Keyes along with representation from Blockbuster's senior debt holders met last week with the six major movie studios to announce the company's intention to enter a mid-September bankruptcy. Meetings that no doubt hoped to secure an uninterrupted flow of new content from Hollywood as Blockbuster restructures its $920 million in debt and closes another 500 of its 3,425 US stores. In its fight to remain relevant in the age of digital downloads / streaming, Blockbuster has lost $1.1 billion since early 2008. It's expected that Blockbuster's debt holders will likely own a substantial portion of the company when all is said and done. We call dibs on those Archos 10 netbooks.

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