Kotaku
Blockbuster Inc. issued a press release earlier today on the sale of Rhino Video Games to Gamestop Corp. making the rumored sale of the southeastern game retailer official. Financial details of the sale were not disclosed, but Blockbuster expects to close the sale by the end of January.
No word on whether Gamestop plans to up orders on stickers with which they will plaster excessively all current Rhino stock or how said rumored order of stickers that just won't come off goddamnit will financially impact the company.
Full, totally unexciting press release about "operating synergies" after the jump.
Rumor: Gamestop Buys Rhino [Kotaku]
Blockbuster Reaches Agreement to Sell Rhino Video Games to GameStop
DALLAS, Jan. 5 /PRNewswire-FirstCall/ — Blockbuster Inc. (NYSE: BBI - News, BBI.B - News) today announced it has reached a definitive agreement for the sale of its Rhino Video Games chain to GameStop Corp. (NYSE: GME - News, GME.B - News) for an undisclosed price. The sale is expected to close by the end of January.
Rhino Video Games is a regional retail chain specializing in buying, selling and trading video games. Rhino currently has 72 stores located in the Southeastern U.S. including Florida, Alabama, Tennessee, Georgia, North Carolina and South Carolina.
John Antioco, Blockbuster Chairman and Chief Executive Officer, said, "Today's announcement is in line with our goal to maintain focus on our Blockbuster-branded assets. We wish the Rhino concept ongoing success under its new ownership, and while games remain an integral part of our Blockbuster business, we will continue to focus on growing our overall share of the video rental market both through our stores and through BLOCKBUSTER Total Access(TM), which gives our online subscribers the option of returning their DVDs through the mail or exchanging them at a participating BLOCKBUSTER store for free in-store movie rentals."
R. Richard Fontaine, GameStop Chairman and Chief Executive Officer, said, "The integration of the Rhino group into the growing portfolio of GameStop stores will result in operating synergies while being accretive to earnings. The location of most Rhino stores do not overlap existing GameStop sites, and primarily serve secondary and tertiary markets where we have been very successful. Furthermore, the Rhino business model, and a very game oriented management team, will fit seamlessly into the GameStop culture."
About Blockbuster
Blockbuster Inc. is a leading global provider of in-home movie and game entertainment, with more than 8,000 stores throughout the Americas, Europe, Asia and Australia. The Company may be accessed worldwide at http://www.blockbuster.com .
About GameStop Corp.
Headquartered in Grapevine, TX, GameStop Corp. is the world's largest video game and entertainment software retailer. The company operates 4,633 retail stores across the United States and in fourteen countries worldwide. The company also owns two e-commerce sites, GameStop.com and EBgames.com, and Game Informer magazine, a leading multi-platform video game publication. GameStop Corp. sells new and used video game software, hardware and accessories for next generation video game systems from Sony, Nintendo, and Microsoft. In addition, the company sells PC entertainment software, related accessories and other merchandise.
General information on GameStop Corp. can be obtained at the company's corporate website: http://www.gamestop.com/corporate .
