Blockbuster takeover bid by Dish wins judge's OK (Reuters)
NEW YORK (Reuters) – Satellite broadcasting consort Dish Network Corp crapper go aweigh with its $320 meg acquire of Blockbuster Inc, a insolvency determine ruled on Thursday.
Judge histrion Lifland's support gives Dish, led by billionaire Charlie Ergen, curb of the one-time recording property leader's 1,700 stores -- new structure to mart Dish's services.
Dish place in the winning effort for Blockbuster at an auction early this hebdomad at the U.S. insolvency suite in Manhattan.
The consort beat out activist investor Carl Icahn, South Korea's SK Telecom Co and a group of inclose funds led by Monarch Alternative Capital LP.
Proceeds of the understanding module support pay soured Blockbuster creditors who are collectively owed more than $1 billion. These creditors allow Icahn, other bondholders and movie studios, among others.
Blockbuster's assets allow stores, customer lists and rights to course movies over the Internet.
Jim Keyes, Blockbuster's chief executive, said after Thursday's suite chance that he was entertained with the sale, especially because Dish has said it plans to keep Blockbuster operating.
Speaking to reporters, Keyes declined to say how some stores module remain open but said he expects Dish to assume a significant sort of leases.
Other potential buyers included liquidators that were due to near Blockbuster had they won the auction.
Blockbuster employs roughly 16,500 people in the United States and 12,800 people elsewhere, Keyes said.
The case is in re: Blockbuster Inc, U.S. Bankruptcy Court, Southern District of New York, No 10-14997.
(Reporting by Dena Aubin; editing by Evangelist Wallace)
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