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Edition: U.S. Article Comments (2) Deals Exclusive: NYSE, Nasdaq deal not attractive: source Ergen-led Dish wins Blockbuster auction for $320 mln PE to continue driving 2011 U.S. IPOs ASX deal failure risks making SGX a takeover target Rolls-Royce, Daimler woo Tognum investors Rio Tinto closes in on Riversdale, hits target European firms take punt at low end of IPO ranges Genpact to buy Headstrong Corp for $550 million Deals wrap: A Blockbuster deal for Dish? Video: Australia defends ASX-SGX rejection Follow Reuters Facebook Twitter RSS YouTube Read Dish wins Blockbuster auction for $320 million 11:26am EDT Ouattara forces attack Gbagbo bunker in Ivory Coast | 10:29am EDT Richard Branson unveils deep-sea submarine plans 5:49am EDT UPDATE 2-Cisco chief vows to restore "flawed" company 05 Apr 2011 Japan focuses on hydrogen buildup after nuclear leak | 11:14am EDT Discussed 107 U.S. to reach debt limit by May 16: Geithner 70 Stumbling blocks remain in budget fight 65 US Republican budget plan would cut $5.8 trln in 10 yrs Watched Robotic bird takes flight into the future Mon, Apr 4 2011 Cisco's mea culpa Tue, Apr 5 2011 Giant touch-screen shows size matters Thu, Mar 31 2011 Dish wins Blockbuster auction for $320 million Tweet Share this By Tom Hals WILMINGTON, Delaware (Reuters) - Dish Network Corp won Blockbuster Inc in a bankruptcy auction for about $320 million, boosting the satellite TV provider's online features and marketing reach. Dish, the second-largest U.S. satellite TV... Email Print Related News UPDATE 3-Ergen-led Dish wins Blockbuster auction for $320 mln 7:26am EDT Icahn, Dish, others vie for bankrupt Blockbuster Tue, Apr 5 2011 Australia to veto Singapore Exchange's ASX bid Tue, Apr 5 2011 UPDATE 2-Blockbuster auction to decide movie chain's fate Mon, Apr 4 2011 Google offers $900 million for Nortel patents Mon, Apr 4 2011 Analysis & Opinion ICE gets better end of joint Nasdaq bid for NYSE Tech wrap: Cisco ripe for activist assault? Related Topics Technology » Deals » Global Deals Data 2011 Q1 » Inflows Outflows » Media » Stocks A Blockbuster movie rental store in a file photo. Credit: Reuters/Rick Wilking By Tom Hals WILMINGTON, Delaware | Wed Apr 6, 2011 11:26am EDT WILMINGTON, Delaware (Reuters) - Dish Network Corp won Blockbuster Inc in a bankruptcy auction for about $320 million, boosting the satellite TV provider's online features and marketing reach. Dish, the second-largest U.S. satellite TV company after DirecTV, trumped at least three other bidders, including activist investor Carl Icahn, for the one-time leader in video rentals. Dish said the deal, which includes more than 1,700 Blockbuster stores, gives it new ways to market its services. The satellite company could use Blockbuster's online business as a base for delivering movies, analysts said. The deal marks the second purchase of a bankrupt company by Dish. Last month, Dish got a nod from a bankruptcy court to buy hybrid satellite and land-based communications company DBSD North America for about $1.4 billion. Dish chairman Charlie Ergen struck his first deal of the year in February when digital set-top box maker EchoStar Corp, where he is also the chairman, agreed to buy Hughes Communications, one of the world's largest providers of broadband satellite services, for $1.33 billion. Dish Network expects to pay about $228 million in cash to acquire Blockbuster. The money will go toward paying off the company's creditors, which include Icahn and other bondholders as well as movie studios, who are owed more than a combined $1 billion. David Berliner, a turnaround advisor for BDO Consulting said the deal reminded him of Cablevision's purchase of The Wiz electronics stores as a way to sell it cable TV subscriptions. Blockbuster has a similar agreement with Comcast Corp to install kiosks in its stores to sign up customers for the cable company's television service, which competes with Dish. Berliner said new management with a background in satellite technology could breath new life into the Blockbuster business. "Maybe they can do an even better job with Blockbuster online in terms of deals with steaming video," said Berliner. While Dish will likely absorb some initial losses from the stores, Berliner said the deal has upside. "They have to continue to move gradually out of bricks and mortar store and get more into online and take advantage of that opportunity," Berliner said. Blockbuster had a market cap of more than $5 billion at its peak in 2002, but came under pressure from mail-order and digital competitors such as Netflix Inc. Blockbuster filed for bankruptcy in September with a proposal to exit bankruptcy under the control of a group of investors that included Icahn and several hedge funds. However, those investors never agreed on a business plan and after poor holiday sales, they withdrew their backing and Blockbuster was put on the auction block. 1 2 Next Technology Deals Global Deals Data 2011 Q1 Inflows Outflows Media Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (2) thelastford wrote: here’s a case study in BAD MANAGEMENT, which seems to be prevalent in US Corporations. i wonder if any real estate was part of the deal, will never know from Reuters! Apr 06, 2011 7:22am EDT -- Report as abuse Eideard wrote: Charlie knows the demographics of his customer base better than most – but, I think this is about the silliest waste of money in the history of DISH. Apr 06, 2011 10:34am EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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