Blockbuster Acquires Specialty Game Retailer
Acquisition of Rhino Video Games Increases Company's Games Presence in
DALLAS, May 19 /PRNewswire-FirstCall/ -- Blockbuster Inc. (NYSE: BBI), a leading global provider of in-home movie and game entertainment, today announced that it has acquired the assets of American Satellite and Video, Inc., the owner and operator of Rhino Video Games, a Southeast-based regional games retail chain specializing in buying, selling and trading video games. Terms of the purchase were not disclosed. Blockbuster's acquisition further strengthens the company's position in the growing console games and games trading market. Rhino Video Games currently operates 40 game only retail stores in the Southeastern United States, including Florida, Alabama, Tennessee, Georgia, North Carolina and South Carolina. In addition to buying, trading and selling video games, Rhino stores feature an outstanding selection of both new and previously owned games as well as game hardware for sale. "Rhino has expertise in game retailing and trading, two areas that Blockbuster is looking to build on," said Eileen Terry, executive vice president of franchising and emerging brands for Blockbuster. "Specifically, this acquisition allows us to further our knowledge about Rhino's game trading business. Much like our Gamestation acquisition in the United Kingdom, Rhino provides Blockbuster with a new growth concept that we believe will allow us to more fully penetrate the games market with free-standing locations, offering an attractive complement to our Blockbuster/Game Rush store-in-store concept." Rhino Video Games founder Mike Vorce will continue managing the chain's day-to-day operations. Based in Gainesville, Fla., Rhino Video Games began operations in 1991. During the past three years, the chain has aggressively expanded, growing to 17 stores by the end of 2002 and opening an additional 17 stores in 2003 and seven more stores during 2004. About Blockbuster Blockbuster Inc. is a publicly traded subsidiary of Viacom Inc. (NYSE: VIA, VIA.B) and a leading global provider of in-home movie and game entertainment, with approximately 8,900 stores throughout the Americas, Europe, Asia and Australia. The Company may be accessed worldwide at blockbuster.com. Viacom is a leading global media company, with preeminent positions in broadcast and cable television, radio, outdoor advertising and online. About Rhino Video Games Rhino Video Games was a pioneer in the concept of allowing customers to trade in their unwanted video games and systems towards other video game merchandise and has extensively refined this concept over the past 13 years. Rhino Video Games prides itself on providing excellent customer service, great product selection, and clean, well-organized stores. Additional store information can be found at www.rhinovideogames.com .RELATED LINKS
SOURCE Blockbuster Inc.