Dish Network (DISH) Says 'So Long' to Blockbuster U.K. Stake
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Dish Network (Nasdaq: DISH) is in positive territory Monday after an announcement over the weekend that the firm sold a little more of its Blockbuster stake.
The WSJ reports that private equity outfit Gordon Brothers Europe acquired the U.K. branch of Blockbuster from Dish. Terms of the deal weren't disclosed.
About 264 Blockbuster U.K. stores and 2,000 jobs will be saved in the country as a result of the sale.
Blockbuster U.K. just filed for bankruptcy in Britain last January. At the time of the filing, Blockbuster U.K. was running about 528 stores in the U.K.
Dish acquired Blockbuster for $226 million in a bankruptcy auction held in 2011. Hundreds of underperforming stores have been closed since. More might also be closed as consumers turn more and more to streaming content and convenient rental kiosks from the likes of Netflix (Nasdaq: NFLX) and Coinstar (Nasdaq: CSTR).
Shares of Dish are up about 0.6 percent.
The WSJ reports that private equity outfit Gordon Brothers Europe acquired the U.K. branch of Blockbuster from Dish. Terms of the deal weren't disclosed.
About 264 Blockbuster U.K. stores and 2,000 jobs will be saved in the country as a result of the sale.
Blockbuster U.K. just filed for bankruptcy in Britain last January. At the time of the filing, Blockbuster U.K. was running about 528 stores in the U.K.
Dish acquired Blockbuster for $226 million in a bankruptcy auction held in 2011. Hundreds of underperforming stores have been closed since. More might also be closed as consumers turn more and more to streaming content and convenient rental kiosks from the likes of Netflix (Nasdaq: NFLX) and Coinstar (Nasdaq: CSTR).
Shares of Dish are up about 0.6 percent.
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