Dish Network is acquiring bankrupt Blockbuster’s movie-rental business for $320 million, Bloomberg reports. The second-largest U.S. satellite TV company has won the bid from at least three other bidders, including Carl Icahn and Seoul-based wireless and internet service provider, SK Telecom.
Dish is expecting to pay nearly $228 million in cash as part of the bid to buy the company. The deal, which includes more than 1,700 Blockbuster stores and still requires approval from U.S. bankruptcy judge, will allow the movie-rental chain to reorganize instead of having its assets sold off by liquidators.
Click here for the story from Bloomberg.
Click here for additional coverage from Reuters.