Dish, Icahn Make Bids for Blockbuster

Published on April 1, 2011
by Mike Spector

Dish Network Corp., the satellite-television company controlled by Charlie Ergen, and billionaire investor Carl Icahn have each submitted bids for Blockbuster Inc. ahead of a bankruptcy court auction next week, said people familiar with the matter.

Bids for the movie-rental chain were due Thursday evening, and a handful of potential suitors have been considering whether to square off against a group of hedge funds that already offered to buy Blockbuster for about $290 million, the people said.

The hedge funds, led by Monarch Alternative Capital, hold a big chunk of Blockbuster’s senior bonds and made a so-called “stalking horse” bid in February, setting a floor that other suitors must top to win the video-store chain.

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