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

Chris Mellor

How long before Blue Big HQ pulls the plug on the whole thing?

Chris Mellor

Drives nails forged with Red Hat iron into VCE's coffin
Sleep Cycle iOS app screenshot

Trevor Pott

Forget big-spending globo biz: it's about the consumer... and he's desperate for a nap

Features

Windows 8.1 Update  Storeapps Taskbar
Chinese Buffet self-service
Chopping down the phone tree to scrump low-hanging fruit
An original member of the System/360 family announced in 1964, the Model 50 was the most powerful unit in the medium price range.
Big Blue's big $5bn bet adjusted, modified, reduced, back for more
Microsoft CEO Satya Nadella
Redmond needs to discover the mathematics of trust