DISH Wins Bankruptcy Auction, Buys Blockbuster Assets For $228M In Cash
DISH Network this morning announced that it was selected as the winning bidder in the bankruptcy court auction for substantially all of the assets of Blockbuster, which went belly up in September 2010.
DISH’s winning bid was valued at approximately $320 million, but after adjustments for available cash and inventory and others, the company expects to end up paying approximately $228 million in cash to acquire Blockbuster.
The transaction is expected to close in the second quarter of 2011, although its completion is contingent upon satisfaction of certain conditions, including bankruptcy court approval.
DISH currently serves more than 14.1 million satellite TV customers.