Blockbuster Names 50 Potential Bidders28 Feb, 2011 By: Erik Gruenwedel
Amazon, Best Buy and Coinstar Among Suitors
Bankrupt Blockbuster has released a list of companies and investment groups it says could submit bids when the movie rental giant’s assets are put up for auction.
Dallas-based Blockbuster Feb. 21 announced it was putting itself up for sale with a minimum “stalking horse” offer of $290 million ($265 million without studio guarantees) by an investor group composed of select senior lenders.
Companies mentioned on the list submitted Feb. 25 to U.S. Bankruptcy Court in New York include ecommerce behemoth Amazon, consumer electronics retailer Best Buy/CinemaNow, kiosk rental vendor Coinstar/Redbox, satellite TV operator Dish Network, NCR/Blockbuster Express, Rovi Corp./Sonic Solutions, Hollywood Video founder Mark Wattles and Philip Anschutz Corp., which owns myriad sports and entertainment ventures.
The court is slated to hold a March 2 hearing about the bidding process, which includes separate provisions that would limit Blockbuster’s mounting fiscal responsibilities.
Blockbuster said it expects the sale process to conclude by April.