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Dish Network wins bid to acquire Blockbuster

Dish Network is the winner of the bidding war to acquire Dallas-based Blockbuster.

April 6, 2011 12:00:00 AM PDT
The winner of the bidding war for Blockbuster appears to be Dish Network, with a bid of roughly $228 million in cash.

The two-day bankruptcy auction lasted until the early hours of Wednesday morning.

The Colorado-based satellite TV company says it expects to close the deal in the next few months.

Dallas-based Blockbuster filed for chapter 11 bankruptcy protection back in September. In 2004, Blockbuster had more than 9,000 stores, it will soon be down to 1,700.

Dish network says it will work with Blockbuster employees to re-establish the brand as a leader in video entertainment.

The Associated Press contributed to this story.