[Satellite TODAY 04-28-11] Dish Network completed its acquisition of movie retail chain Blockbuster’s assets and will immediately move forward with its plans close at least 1,000 Blockbuster locations and take on the leases for about 500 remaining retail stores, the U.S. pay-TV operator announced April 27.
    Dish Network bought Blockbuster on April 7 for about $320 million, with $228 million of the purchase made in cash. A U.S. bankruptcy court approved the auction the same day. Dish Network said it purchased Blockbuster primarily for its video-on-demand service to complement Dish Network’s own satellite-TV offering but will use the Blockbuster locations to cross-sell its satellite services.
    Blockbuster’s business has faced significant challenges due to the rise of online streaming services such as Netflix and Hulu. Dish Network said it would use Blockbuster’s assets to complement its existing video offerings while presenting cross marketing and service extension opportunities.