|Blockbuster up for Sale - Potential Buyers Include Best Buy, Amazon and Coinstar|
|Home Theater News Industry-Trade News|
|Written by Dick Ward|
|Monday, 28 February 2011|
Gone are the days of stopping at the corner videostore on the way home from work on Friday. Now we can get movies in the mail, while we're buying groceries and even online. Blockbuster has officially thrown in the towel and is now up for sale.
The opening offer for the company by stalking horse bidder Cobalt Video Holdco - a consortium of Blockbuster debt holders - is $290 million. Of course, the folks at Blockbuster are hoping for plenty more. In their bankruptcy filing, Blockbuster named 50 different potential buyers including Best Buy, Amazon and Coinstar, the parent company of Redbox.
Also among the potential new Blockbuster owners is NCR, which is the company responsible for Blockbuster Express kiosks. Mark Wattles, the founder of Hollywood Video, has also been named as a potential buyer. Blockbuster says that the sale is expected to wrap up by April.