Have a cool $290 million or so burning a hole in your pocket? You could be the new owner of Blockbuster, which has put itself up for sale after an inability to complete a recapitalization plan with its creditors.
A holding company made up of several of BB’s largest creditors has submitted an opening bid of $290 million. Such “stalking horse” bids are used to prevent lowball offers. Other interested parties now have about 30 days to submit their offers.
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The closing of the BB deal is anticipated to occur by April 20 of this year.
Blockbuster CEO Jim Keyes offered the following in a press release put out by the company:
“By initiating a sale process at this time, we intend to accelerate our Chapter 11 proceedings and move the Company forward. An auction will allow the Company to invite competing bids from both strategic and financial investors. This will also allow for the consolidation of ownership of the Company to those with a clear and focused vision for Blockbuster’s future . . . The purchaser will be able to take full advantage of Blockbuster’s many strengths, which include an internationally recognized brand name, an exceptional library of more than 125,000 titles, millions of loyal customers, and a multi-channel content distribution platform. Because of its ability to deliver physical content (through DVDs) and digital content (through streaming), Blockbuster can offer customers the unique ability to access any movie, any time.”
What do you think the final selling price for Blockbuster is going to be, Insiders? Will the buyer get their money’s worth?
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(via The Wrap)
$290 million?! What is this, an overpriced copy of Tron? I wouldn’t pay $290 for them.
Considering how the buyer will incur their debt, I doubt anyone will buy it. Expect to see liquidators coming in soon.
“millions of loyal customers” … really?
I’ll bid whatever I can dig out of my couch.
So if Blockbuster is for sale, what happens if no one buys? My local Blockbuster claims to be very profitable and the staff says there is no worry about them closing their doors. I hope what they say is true because while I don’t rent movies any more (with the exception of NetFlix), I find the best deals of used games at Blockbuster. You just cannot beat their clearance bin for BOGO deals.
Your store may be, because they don’t have to pay the millions to the studios and other suppliers. They make their labor and utility budget. Blockbuster as whole however will be closing. Right now it’s just a matter of time.
This is what I don’t understand,…..Why don’t the studios just buy Blockbuster? I know someone mentioned this is jest, but I’m serious. Instead of the studios criticizing/blaming Redbox how it devalues their product, the studios can take matters into their own hands to show Redbox, Netflix, and others how ‘valuable’ their product (dvd sales, rentals, etc) truly are by renting/selling their products in a new and improved Blockbuster. Have a super selection both in catalog and on day & date, rent or sell for the higher prices the studios claim their product is worth, and Call it Blocbuster & Studios , or something. This is what the studios want all other dvd rental/sale businesses to do so that the studios will get increased profits,… so why not do it themselves and get ALL the profits?
The 6 major studios can’t agree on windows for Redbox & Netflix, along with other issues. I don’t believe that they could work together to run a retail operation, either.
And as much as they “value” their content I can only imagine how expensive everything would be.
If nobody buys, the court will order them to liquidate all assets, pay off their creditors, nail the doors shut. Expect blockbuster to be out of business, at least their physical store locations, by the end of summer.
Oh come on, who gave a thumbs down to that. It’s the exact truth of the matter and has been clearly stated in court documents. We can expect liquidation soon.
Hope they continue their on-line rental system which is far superior to red box!
The 3 Blockbusters around me all have closed down. The Hollywood Video store also closed down a while ago. I think it is impossible for any brick and mortar store to compete with redbox, netflix and other online streaming services.
The blockbuster online service isn’t too bad though if they make it a little lower than $11.99 for unlimited rentals, blu-ray rentals included and video games. Adding video games is pretty good idea.