Investor group offers $290 million for Blockbuster

Blockbuster

Credit: WFAA

Blockbuster became an oasis of video entertainment until competitors began chewing away at its market share.

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Associated Press

Posted on February 21, 2011 at 4:55 PM

DALLAS (AP) — Movie rental chain Blockbuster Inc. says a group of investors is offering $290 million to buy it out of bankruptcy protection.

The group includes funds that are creditors in Blockbuster. It's a so-called "stalking horse" bid, which Blockbuster hopes will attract other bidders who will offer more.

Blockbuster used to be the dominant U.S. movie rental chain. But it lost money for years as customers shifted to Netflix Inc., video on demand and DVD rental kiosks. It filed for bankruptcy protection in September.

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