Dish Wins Blockbuster Auction

$320 million bid bests Icahn, hedge funds
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After an auction process that seesawed between three aggressive bidders and went well into Tuesday night, Dish Network emerged with the highest offer for Blockbuster, agreeing to pay $320 million for the troubled video rental giant.

"With its more than 1,700 store locations, a highly recognizable brand and multiple methods of delivery, Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for Dish Network," said Dish executive vice president of sales, marketing and programming Tom Cullen in a statement. "While Blockbuster's business faces significant challenges, we look forward to working with its employees to re-establish Blockbuster's brand as a leader in video entertainment."

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