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

Woman cuddles 'sly-looking' Fennec fox. Photo by Shutterstock
Cartoon of employee asking wky boss makes hium wear suspenders (while pincer through open trapdoor remains poised above his head) illustration by Cartoon resource for Shutterstock

Frank Jennings

It's not like my boss painstakingly nurtured the contacts, right?

Features

Girl and computer, photo via Shutterstock
Middle-class terror of engineering also part of problem
Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world