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Dish Networks Wins Blockbuster Auction for $320M; Beats Carl Icahn (DISH, BLOAQ, BLOBQ)

Dish Networks (NASDAQ: DISH) wins the Blockbuster (BLOAQ) (BLOBQ) bankruptcy auction for $320M, beating Carl Icahn's bid of $310.6M.

The deal, which requires approval from U.S. Bankruptcy Judge Burton Lifland, will allow the movie-rental chain to reorganize instead of having its assets sold off. Dish said it expects to pay about $228 million in cash as part of the bid.

Blockbuster filed for bankruptcy in September with 5,600 stores, including 3,300 in the U.S. after losing sales to Netflix (NASDAQ: NFLX).

Posted-In: News Bonds Legal M&A

 

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