US satellite giant buys Blockbuster

Dish Network has bought Blockbuster in a $320m deal.

The second-largest satellite TV company in the US snapped the company up through a bankruptcy auction, beating competition from Carl Icahn and a group od debtholders.

The transaction still needs to be approved by a bankruptcy court however.

Dish Network’s EVP Tom Cullen said in a statement: 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.

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,” Cullen said in a prepared statement."

It is currently not known what Dish Networks intends to do with Blockbuster or its international assets, which includes the independent run UK business.