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Dish Network Wins Blockbuster Bid

Dish Network has won the bid for Blockbuster, writes The Hollywood Reporter.

Dish Network has won the bid for Blockbuster, writes The Hollywood Reporter. The bid was worth $320 million, beating out the previous suspected frontrunner Carl Icahn. After adjustments, the deal will see Blockbuster receiving $228 million in cash. The money will allow Blockbuster to pay back studios it owes money to.

Icahn was seen as a frontrunner because he was a longtime shareholder in Blockbuster and loaned it money during its bankruptcy process. His bid was $284 million.

Dish Network is owned by Charlie Ergen, a former professional poker player. Dish looks at Blockbuster as an opportunity to cross-promote and push services for Dish Network. One option would be to launch a broadband video service to compete directly with Netflix.

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