The Channel logo

News

By | Kelly Fiveash 2nd May 2007 13:26

Blockbuster says Game Over on Game Station UK

Hopes sell-off will bust debt

Movie retail giant Blockbuster Inc has said it has sold Game Station Ltd, the UK video game arm of its business, to Game Group Plc in a $150m deal.

Dallas-based Blockbuster said it hopes proceeds from the sale will help pay off outstanding debt.

Blockbuster bought Game Station in October 2004, and the sale is the latest in a series of moves that signals its ongoing plans to cut loose non-core assets and some international operations.

Blockbuster chairman and CEO John Antioco said: "Game Station is a terrific brand that has performed well during our ownership. While we believe Game Station is positioned for ongoing success, today's announcement underscores our intent to focus on our Blockbuster-branded assets in North America in support of our goal to grow our overall share of the video rental market, both in-store and online."

Game Group shares leapt 5.2 per cent on the announcement. ®

comment icon Read 9 comments on this article alert Send corrections

Opinion

Ship scrapyard photo via Shutterstock
Windows 10 Universal Apps
Windows 10 on Surface 3

Tim Anderson

It's do-or-die for Microsoft's new operating system on 29 July

Features

Steve Ballmer. Pic:  Aanjhan Ranganathan
Nokia is the biggest write-off yet, but it wasn't the first
Confused computer keyboard
Last Christmas, I gave you my Cloud, the very next day you gave it away
Time to pull out the magnifying glass to swot up on those Ts&Cs
Android icon desktop toys
Nice devices, now speak 'enterprise' to me