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The Gap Partnership

Dish Network wins Blockbuster bid

Dish Network has made the winning bid in a move to acquire Blockbuster.

06 April 2011

US company Dish Network Corp has succeeded in its bid to acquire the assets of Blockbuster.

Business negotiations between the two have resulted in a bid of around $320 million (£196 million) being accepted.

After "certain adjustments" are made to the figure at the closing of the transaction, Dish expects to pay about $228 million in cash for the acquisition.

The company forecast the deal to be completed by the second quarter of 2011.

Commenting on the move, Tom Cullen, executive vice-president of sales, marketing and programming, stated that Dish looks forward to working with Blockbuster employees.

"With more than 1,700 store locations, a highly recognisable brand and multiple methods of delivery, Blockbuster will complement our existing video offerings," he said.

This comes shortly after BP revealed it is to sell its subsidiary Arco Aluminium to a consortium of companies based in Japan for $680 million in cash.
 

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