And Why Does Dish Network Want Blockbuster?
No, seriously, it's been a long while since we've mentioned the fate of Renaissance Tower-based Blockbuster, which has been in Chapter 11 since September and been shutting stores ever since. (Per a recent filing, the store at 6760 Abrams Road had its lease rejected effective yesterday.) But that's about to change: As this morning's court filing reminds, the company goes on the auction block at 9 a.m. Dallas time Monday in New York City, at which point only those interested in buying the company will be allowed inside.
Bids were due last night, and while there's been all kinds of speculation about who's actually interested in buying Blockbuster for pennies on the dollar (or around $300 million), earlier today The Wall Street Journal nailed down two for-sures: Carl Icahn (who recently wrote that "Blockbuster turned out to be the worst investment I ever made") and Dish Network, which was on Blockbuster's wish list filed in February. We know why Icahn wants it, but why the interest from Dish? Mike Spector explains:
In looking at Blockbuster, Dish believes the chain's brand could be valuable for its video-on-demand services, one of the people said. Blockbuster currently offers on-demand service for certain Blu-ray players, computers and handheld devices, among other things. Dish also sees an opportunity to sell subscriptions through Blockbuster's stores and believes a tie-up could give it certain benefits in negotiating transactions with movie studios, this person said.
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