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Dish Wins Blockbuster Auction

After an auction process that seesawed between three aggressive bidders and went well into Tuesday night, Dish Network emerged with the highest offer for Blockbuster, agreeing to pay $320 million for the troubled video rental giant.

"With its more than 1,700 store locations, a highly recognizable brand and multiple methods of delivery, Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for Dish Network," said Dish executive vice president of sales, marketing and programming Tom Cullen in a statement. "While Blockbuster's business faces significant challenges, we look forward to working with its employees to re-establish Blockbuster's brand as a leader in video entertainment."

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