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

Dish Networks (NASDAQ:

) wins the Blockbuster (

) (

) 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).