It would have been unthinkable just a few years ago, but after months of bankruptcy and legal wrangling, Blockbuster Video has finally found a buyer: Redbox.
After a ruling a few weeks ago by a U.S. bankruptcy court judge that BB could avoid Chapter 7 liquidation and go on the auction block, Redbox parent Coinstar announced this morning that it had acquired Blockbuster and all of its assets for $401 million. Read the full press release after the jump.
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Here’s the release put out by Coinstar/Redbox this morning:
Oakbrook Terrace, Ill. – Coinstar Inc., a leading provider of automated retail solutions and parent of popular movie rental provider Redbox, announced today the pending purchase of Dallas-based Blockbuster Video. Under the terms of the agreement, Coinstar will acquire all Blockbuster properties and inventory, including Canadian assets, for the sum of $401 million in cash and stock.
This acquisition will end the licensing of the Blockbuster name to ATM manufacturer NCR, which has been branding its kiosks as “Blockbuster Express” and using the trademark blue and yellow Blockbuster livery for several years. Blockbuster’s online operations will also cease.
Within 90 days of final settlement of the acquisition, all current Blockbuster locations will temporarily close for remodeling and rebranding. The stores will then reopen with a vastly revised interior layout. Instead of the traditional brick-and-mortar video store with rows of shelves displaying titles, the stores will feature innovative touch screen panels lining interior walls and around a central lounge area. These panels will allow customers to browse thousands of new release and catalog titles, watch previews, and add movies to their virtual shopping carts. Customers will then be able to “check out” their selections through the familiar Redbox interface on kiosks located every few feet along the panels.
“We couldn’t be more excited about this historical acquisition and the new store concept that will shortly follow it,” said Mitch Lowe, president, Redbox. “Due to overwhelmingly positive feedback from focus groups, we believe that these updated stores will hit the ‘sweet spot’ for consumers when it comes to selection, convenience and value.”
Each remodeled store will also feature a “Constellations” coffee/snack bar staffed by specialized baristas trained in Hollywood trivia. Former Blockbuster president Jim Keyes has been tasked with overseeing Constellations operations.
“Our ‘staristas’ will be able to serve up both delicious lattes and insightful movie recommendations, which will add a great ‘human touch’ to our stores,” said Keyes. “It’s going to be exciting to watch satisfied customers walk out of our locations with a stack of movies in one hand and an espresso in the other.”
The remodeled former Blockbuster stores will be feature a new name along with their new look and layout: RedBlox. “We feel that RedBlox is the perfect name for our new store concept,” said Lowe. “It’s a great extension of our existing Redbox brand, and elegantly fuses elements of the Blockbuster name and experience into an exciting new name and brand personality.”
Redbox’s current network of more than 30,000 kiosks will continue its operations and expansion. Titles rented from Redbox kiosks and RedBlox stores will be conveniently returnable at either location.
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Consumers can learn more about the new RedBlox stores and when locations will be opening in their areas by visiting www.whatisredblox.com.
What do you think, Insiders? Could anyone ever have predicted the day when former industry upstart Redbox would help bankrupt and then acquire the king of video rental stores, BB? How successful do you think these new RedBlox hybrid stores will be? Did you fall for our annual April Fools’ Day joke?
Nice April fools joke.
If this is a joke, I don’t get it. ;-)
LOL April Fools…admittedly, I was a sucker, until I went to Coinstar’s website to see the actual press release… and its not there, you had me
Redblox is just not that appealing of a name. April fools joke? Really…. It does sound like a possible outcome for BB.
This is a joke, and to people who work for the company, it is not very funny.
The auction does not even take place till Monday, so how could Redbox have bought the company?
Whether this was intended to be funny or not, this could very likely be considered Libel since you are quoting public individuals who never made these statements.
I would seriously consider removing this whole article before lawsuits begin.
Lighten up
Satire isn’t considered libel. Chill out, Buzz Killington
Holy crap, you totally had me, I was about to start telling people here at work all about this…
hahaha, thats great…
You got me at first — I even opened the NY Times to look for their take on the story. Great April Fool’s joke….
I was thrown until I saw the purchase price…the assets couldn’t be worth more than about a thousand bucks.
I might, MIGHT, have found this to be a funny joke IF those at Redbox and Inside Redbox haven’t been bashing BB for so long.
I think it’s really sad that people within companies have nothing better to do than to bash competing companies, like how Burger King bashes McDonald’s on so many of Burger King’s TV ads. If you believe you have a good product, promote it for its own quality. Don’t compare it to your competitor’s product and focus on how much better you think your product is than theirs.
Consumers know which product is better based on quality and price. They don’t need someone telling them “Buy our product because it’s SO much better than so-and-so’s”. And they also don’t need to hear the mocking and bashing of other companies who may not be doing well. There is absolutely no need for that kind of rude and childish behavior. The world has too much of that already.
To all those at Redbox and Inside Redbox: Try writing articles that give us good information about Redbox, and stop making fun of BB or anyone else. You many find it to be quite gratifying when you decide to grow up and quit kicking the guy who’s already on the ground. (By the way, BB is not “on the ground” anyway, although you try to lead us to believe that it is. BB is still ahead of Redbox in every way. Also, Coinstar is not doing so well. Look it up and learn the facts.)
Umm… Blockbuster is bankrupt and being sold at auction. If that’s not “on the ground”, I don’t know what is.
On a serious note, I don’t think we here at Inside Redbox “bash” any company in particular. If you want to call it that, I have been known to “bash” Redbox, too.
I don’t have a horse in any race – I just want to win as a consumer, like I think we all do. Whoever does it best, wins.
Correction: BB isn’t doing better than RB in every way, but they are as far as overall numbers are concerned. Also, BB is worldwide. You don’t hear BB mocking or bashing RB, do you? Nope. They are more mature than that. ; )
Hey wolf, can I get a hit off what you’re smokin?!
BB lost 64 Million bucks last qtr. How is that doing good at anything? Come Moday, they will no longer exist (after they are bought at auction and liquidated).
ZZZzzz… “t-brat” the new IRB bore.
Hey wolf. BB is going away. If you don’t like it they are for sale. Buy them and make a difference. Otherwise we really don’t care.
Too awesome!! Love this, totally had me.
I didn’t fall for it because I remember the April Fools jokes from the last couple of years on this site. ;)
Holy crap you had me going – that’s what i get for reading it 3 days after April 1st – didn’t even pay attention to the date of the post. I’ve been had!
I thought to myself, “this has got to be an April Fool’s joke.” Why would RB buy a dud like BB for that amount of money! And that name…Redblox? What a joke!
Years ago, when I was in High School we were given a sheet of paper that had 20 items on it.
In the first sentence it stated “DON’T DO ANYTHING UNTIL YOU READ THE ENTIRE SHEET”
About the fifth item on the sheet, it said to raise your arm, which about 90% of the class did as they were reading the sheet.
Ever since then, I read the ENTIRE article or anything written before I raise my arm. LOL
Yep. I remember that one too. Believe it was 5th grade. Pretty funny and so was this prank. Though cruisin the hi-tech video walls with a nice latte did sound like a perfect world to me.
You had me going!! I love it! REDBLOX—haha!
AHHH! No wonder I’m so confused…
I am in a way disappointed, I have thought a kiosk store would be a good idea. I have often wished I could go to one location and have more options. I live in a small rural city and dislike having to travel across town to different machines to find the movie I want rent. I don’t have a car.
There is only one Redbox kiosk on my side of town and very often the movies I want to rent aren’t available, so with the cost of bus fare plus the movie rental I usually “patiently” wait for it to come to Netfliix.
I thought the joke was amusing! Made me chuckle!
this was obviously so much BS!!!! i was talking to the blockbuster guy the other day. there are potential buyers. just not coinstar. coinstar is out of cash that is why they have slowed down this year. they are not making money!
revenue is not earnings!!!
that is why no bluray as promised and no more expansion.
hell we have 50 boxes or more within 15 miles very little bluray.
they are not expanding here in dc area.
i havent paid for a single movie since groupon in december.
free codes are out every damn week.
netflix wins my vote. they are the best!
if you sign up at blockbuster they give you 2 months for 1 and then netflix will send you an invitation for a free month too.
wake up! movies are free!!!!!!
Throughout reading the article I was thinking something was wrong because other articles on the same page stated the auction would be April 4th. However, I did read the entire article. I thought it would be a GREAT idea. There’s a BB just a couple of blocks from home one direction and Walmart with Redbox kiosks about 1 1/2 miles away. This would have been great. I especially like the idea of being able to sit down and watch trailers there before making decisions on rentals as often while shopping, I just decide I’d like to rent a movie. I hate holding up the line while trying to make a decision. Hey, works for me!
when will redbox website ever work dependably? my mouse arrow keeps jumping around and won’t clik on the box.
Red Box ain’t your problem…
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A perfect circle comment from a perfect idiot. This is a Redbox site nit-wit.