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Article: B'buster bails on Hollywood: gives gallery likely win.(Headliners: the week of March 28, 2005)(Blockbuster Inc, Hollywood Entertainment, Movie Gallery)
- Article from:
- Video Business
- Article date:
- March 28, 2005
- Author:
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Blockbuster Inc. withdrew its hostile bid for Hollywood Entertainment on March 25 after tailing to work out a deal with federal regulators that would have allowed the merger of the nation's two largest rental chains to go forward.
The move would seem to end the long-running battle for control of Hollywood begun last year when former chairman-CEO Mark Wattles attempted to take the company private in a leveraged buyout. Although Wattles was unsuccessful in his bid, the move put the publicly traded Hollywood in play, which quickly attracted the interest of Blockbuster and rival suitor Movie Gallery.
With Blockbuster now out of the running, Movie Gallery's ...