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Blockbuster says Game Over on Game Station UK2 May 2007 13:26 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. ® 9 comments posted — Comment period finished Competition?Posted: 15:37 2nd May 2007 Of course not.Posted: 15:52 2nd May 2007 Depends on how you look at it...Posted: 16:29 2nd May 2007 riiiiightPosted: 16:58 2nd May 2007 Re: Of course not.Posted: 22:29 2nd May 2007
Track this type of story as a custom Atom/RSS feed or by email. Related storiesAcquisition-happy Game not anti-competitive (16 January 2008)
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