DISH Network was selected as the winning bidder in the bankruptcy court auction for substantially all of the assets of Blockbuster. DISH’s winning bid is valued at approximately $320 million. After certain adjustments are made at closing of the transaction, DISH expects to pay approximately $228 million in cash to acquire Blockbuster.
Completion of the transaction is contingent upon satisfaction of certain conditions, including bankruptcy court approval. The closing is expected to occur in the second quarter of 2011.