B’buster absorbs franchises

FORT LAUDERDALE, Fla. (DJ) — Blockbuster Entertainment Corp. has completed a merger with its largest franchise holder, WJB Video Ltd.

Partnership, and certain of its affiliates for about 7.2 million common shares.

Blockbuster adds 209 franchise video stores as company-owned stores in the transaction.

George D. Johnson Jr., partner of WJB, became prexy of Blockbuster’s consumer division and a member of the company’s board.

Blockbuster also has acquired its second largest franchise holder, UI Video Holdings Inc., for about 2.1 million common shares and about $ 35.6 million in cash.

As a result of the transaction, 112 Blockbuster franchise video stores become company-owned stores.

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