Dish Network wins Blockbuster auction with $320 million bid

By Andrew Couts April 6, 2011

Dish Network has won a bid to buy bankrupt movie rental business Blockbuster. The satellite company’s winning bid for Blockbuster was $320 million, but says it expects to pay close to $228 million cash, after adjustments, once the deal is settled, reports TechCrunch.

“With its more than 1,700 store locations, a highly recognizable brand and multiple methods of delivery, Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for Dish Network,” said Tom Cullen, Dish VP of sales, marketing and programming in a statement after the auction. “While Blockbuster’s business faces significant challenges, we look forward to working with its employees to re-establish Blockbuster’s brand as a leader in video entertainment.”

Dish beat out a number of other bidders, including billionaire Carl Icahn, who owns a larger percentage of Blockbuster stocks and bonds; a group Blockbuster lenders led by Monarch Alternative Capital and South Korea’s SK Telecom.

Blockbuster put itself up for auction in February after Cobalt Video reportedly offered to buy the business for $290 million. The video rental company used that bid as a “stalking horse” offer, or the minimum amount it would consider for future bids.

The auction follows Blockbuster’s declaration of bankruptcy in September. At that time, Blockbuster had 5,600 stores worldwide, with 3,300 in the US. The company has since been forced to close about 900 stores in the US since filing for Chapter 11, but plans to close another 700 by mid-April, according to a company spokesman.

Blockbuster blames its business failings on competition from mail DVD rental and video streaming service Netfllix. In an attempt to compete, Blockbuster launched its own on-demand movie streaming service in 2009, and shut down nearly 1,000 retail locations. Despite these efforts, however, the company still accrued roughly $900 million in debt, which led to its Chapter 11 filing. According to Blockbuster’s bankruptcy petition, the company has about $1.02 billion in assets and $1.47 billion in debt.

The deal with Dish Network is expected to close in the second quarter, pending approval from US Bankruptcy Judge Burton Lifland.

Editors' Recommendations

Best Dish Network deals: Free installation, save $240, and more

Topics

Former Digital Trends Contributor

Features Editor for Digital Trends, Andrew Couts covers a wide swath of consumer technology topics, with particular focus on…

Audio / Video

HD to 4K: these home theater projectors are up to $2,000 off

The Optoma UHD55 projector.

While TVs are great, if you want to have a large screen TV that goes over 80 inches, you're liable to spend thousands of dollars, and if you want to go over 100 inches, you may not even find any options at all, especially at the consumer level. Luckily, there are a lot of great projectors that can not only hit those targets but exceed them and do it at a much cheaper cost than a regular TV. Even better, there is quite a big sale right now at Crutchfield on home theater projectors, with everything from budget-friendly options to top-of-the-range stuff.

What you should buy in Crutchfield's projector sale
Not all projectors have to be incredibly expensive, and you can grab a great project for a good price with the Optoma HZ40HDR, which is , saving you a solid $450 in the process. It's an FHD projector, although it can handle 4k and HDR sources, and the bulb has a 30,000-hour life span, which is pretty great for a budget-oriented projector. On the other hand, if you want 4k, Optomo has a good budget option for that too, the Optoma UHD35STx, which is a 4k short-throw projector with HDR10 and HLG HDR going , which isn't a massive discount on the usual $1,549, but it's still pretty good.

Audio / Video

Best AirPods Max deals: New and refurbished for $440

A woman wearing the Apple AirPods Max.

Shopping the best headphone deals will turn up a number of options from a wide variety of headphone brands, but if you’re interested in what Apple has to offer in terms of premium audio, the Apple AirPods Max are where you’ll want to turn. The AirPods Max are Apple’s top-of-the-line headphones, and while they churn out some impressive audio experiences, they also churn out a hefty price point. With the rumors of AirPods Max 2 going on you’ll be able to find some decent AirPods Max deals out there. We’ve done that hefty lifting for you, however, and have laid out the best AirPods Max deals below. You’ll find deals on both new and refurbished AirPods Max, but click quickly if one of these deals works for you, as Apple deals can be unpredictable and we don’t know how long these will last.
AirPods Max -- $519, were $549

The AirPods Max are Apple's first attempt at a set of over-the-ear headphones. They got a lot of things right. We love these headphones, even when compared against some audiophile options that prioritize sound quality. The AirPods Max have awesome noise cancelling. Everything Apple learned with the earbud-style AirPods works even better with the cup style of the AirPods Max. Along with great ANC comes a great transparency mode. With a twist of the Max's massive knob, you'll go from complete silence to feeling like you're not wearing headphones at all. The audio on phone calls is great as well, and they pair better with the iPhone than any non-Apple headphones could ever hope to.

Audio / Video

Best AirPods Pro deals: Get Apple’s flagship earbuds for $122

The Apple Airpods Pro in their charging case.

Apple’s lineup of headphones has grown over the years. It currently makes a number of AirPods models that can be talked about among the best wireless earbuds. Among them are the AirPods Pro. The AirPods Pro are regularly in contention to be among the best headphones overall as well, and because of their popularity it can be difficult to track down AirPods Pro deals worth shopping. We’ve managed to find some out there, however, and below we’ve rounded up all of the best AirPods Pro deals you can shop right now. You’ll find discounts on both new and refurbished AirPods Pro models, as well as some information on why each model might be best for you.
Apple AirPods Pro (Refurbished) — $122, was $220

While there’s a newer model of AirPods Pro available, the first generation Apple AirPods Pro can still hold their own against some of the best wireless earbuds. Made for a slightly more premium user than something like the Apple AirPods 3, the AirPods Pro have higher end features, including active noise cancellation and a transparency mode, which allows you to hear and interact with the world around you while you have the headphones on. Spatial audio with dynamic head tracking is another impressive feature. This makes watching movies and other content a truly immersive experience. This refurbished model of the Apple AirPods Pro comes with free 30-day returns and a 1-year warranty.