April 7, 2011
By CYNTHIA VEGA
DALLAS — A new chapter unfolds for Dallas-based Blockbuster after an eight hour overnight bidding war during a bankruptcy court auction.
Dish Network won with a bid of $320 million. Dish expects to pay $228 million in cash.
Analysts said it's the best likely scenario for the survival of bankrupt Blockbuster.
Dish Network, based in Colorado, said it wants to re-establish Blockbuster as a leader in video rental sales. Analysts said that means Blockbuster will be able to re-organize instead of having its assets sold off by liquidators.
Mike Davis, an economics professor with Southern Methodist University's Cox School of Business said those of us who love to rent movies are likely to benefit. Davis believes with Dish Network in the picture and a desire to keep Blockbuster alive, more creative video rental ideas are likely on the horizon.
Read the full story and watch the video.
# # #