Dish completes Blockbuster purchase, receives more time to decide on store closings
Dish Network successfully completed its acquisition of Blockbuster today at a price of $320.6 million, and also was granted an extra 90 days to decide which stores it will continue to operate. According to MarketWatch, it successfully shot down objections including those of LionsGate and suggested it could both crossmarket its satellite service i the remaining stores, while offering Blockbuster's VOD and digital products to its satellite TV customers. We may have to wait until July 21 to know for sure which stores will stay open, but for now Dish says it's assumed about 400 leases and will have "near or below 1,000" stores when it's all said and done.
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DISH NETWORK COMPLETES ACQUISITION OF BLOCKBUSTER ASSETS
ENGLEWOOD, Colo., April 26, 2011 – DISH Network Corporation (NASDAQ: DISH) is pleased to announce it has completed its acquisition of substantially all of the assets of Blockbuster, Inc.
"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," said Tom Cullen, executive vice president for DISH Network.
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995:
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in DISH Network Corporation's Disclosure Regarding Forward-Looking Statements included in its recent filings with the Securities and Exchange Commission, including its annual report on Form 10-K. The forward-looking statements speak only as of the date made, and DISH Network Corporation expressly disclaims any obligation to update these forward-looking statements.
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