Report: Blockbuster aims for September bankruptcy

Struggling home video rental giant Blockbuster is planning to file for Chapter 11 bankruptcy protection this September, the LA Times is reporting, citing anonymous sources:

Executives from Blockbuster and its senior debt holders last week held
meetings with the six major movie studios to discuss their intention to
enter a “pre-planned” bankruptcy in mid-September, said several people
familiar with the situation who requested anonymity due to the
sensitivity of ongoing talks.

The Dallas-based company has been closing stores as more consumers
switch to online rental services and kiosks. Blockbuster lost $435
million
in the fourth quarter.

It’s faced heavy competition from upstart kiosk service Redbox, and from Netflix. The latter service, with 15 million subscribers, has been raising eyebrows in Hollywood with major rights deals.

It became a player for pay TV movie rights through its output deal with Ryan Kavanaugh’s Relativity (another company that is shaking up the status quo). It struck an off-network TV deal with Warner Bros. for series that were a tough sell to mainstream basic cablers and local TV stations but perfect for the Netflix aficionado crowd. And it swooped in to offer desperately needed distribution and licensing fees for the partners in fledgling pay TV venture Epix (Paramount, Lionsgate and MGM) in a way that makes Netflix akin to a cable or satellite operator.

More Film

  • No Merchandising. Editorial Use Only. No

    ‘Skyscraper’ Tops China Box Office With $48 Million Opening

    Struggling home video rental giant Blockbuster is planning to file for Chapter 11 bankruptcy protection this September, the LA Times is reporting, citing anonymous sources: Executives from Blockbuster and its senior debt holders last week held meetings with the six major movie studios to discuss their intention to enter a “pre-planned” bankruptcy in mid-September, said […]

  • ABBA performing as an unknown band

    The Secret Majesty of ABBA: They Were the Feminine Pop Opera of Their Time

    Struggling home video rental giant Blockbuster is planning to file for Chapter 11 bankruptcy protection this September, the LA Times is reporting, citing anonymous sources: Executives from Blockbuster and its senior debt holders last week held meetings with the six major movie studios to discuss their intention to enter a “pre-planned” bankruptcy in mid-September, said […]

  • Dwayne Johnson's 'Skyscraper' Leads China Box

    China Box Office Propels 'Skyscraper' to $75 Million Overseas

    Struggling home video rental giant Blockbuster is planning to file for Chapter 11 bankruptcy protection this September, the LA Times is reporting, citing anonymous sources: Executives from Blockbuster and its senior debt holders last week held meetings with the six major movie studios to discuss their intention to enter a “pre-planned” bankruptcy in mid-September, said […]

  • No Merchandising. Editorial Use Only. No

    Box Office: 'Equalizer 2' Narrowly Edges Past 'Mamma Mia! Here We Go Again' to Land at No. 1

    Struggling home video rental giant Blockbuster is planning to file for Chapter 11 bankruptcy protection this September, the LA Times is reporting, citing anonymous sources: Executives from Blockbuster and its senior debt holders last week held meetings with the six major movie studios to discuss their intention to enter a “pre-planned” bankruptcy in mid-September, said […]

  • Durban FilmMart Celebrates Women as Industry

    Durban FilmMart Celebrates Women as Industry Still Struggles With Transformation

    Struggling home video rental giant Blockbuster is planning to file for Chapter 11 bankruptcy protection this September, the LA Times is reporting, citing anonymous sources: Executives from Blockbuster and its senior debt holders last week held meetings with the six major movie studios to discuss their intention to enter a “pre-planned” bankruptcy in mid-September, said […]

  • MayFair, directed by Sara Blecher

    Sara Blecher’s ‘Mayfair’ Brings Feminine Gaze to Gangster Tale

    Struggling home video rental giant Blockbuster is planning to file for Chapter 11 bankruptcy protection this September, the LA Times is reporting, citing anonymous sources: Executives from Blockbuster and its senior debt holders last week held meetings with the six major movie studios to discuss their intention to enter a “pre-planned” bankruptcy in mid-September, said […]

  • Todd Brown, XYZ Films

    African Finance Under Spotlight at Durban FilmMart  

    Struggling home video rental giant Blockbuster is planning to file for Chapter 11 bankruptcy protection this September, the LA Times is reporting, citing anonymous sources: Executives from Blockbuster and its senior debt holders last week held meetings with the six major movie studios to discuss their intention to enter a “pre-planned” bankruptcy in mid-September, said […]

More From Our Brands

Access exclusive content