Dish Network has won court approval for its $320 million acquisition of Blockbuster following a bankruptcy auction, Bloomberg reported.
“The proposed sale is fair and reasonable,” U.S. Bankruptcy Judge Burton Lifland said today in Manhattan, adding that the Dish offer is in the best interest of the estate. Dish beat out a number of competing bids, notably one from a group led by Carl Icahn.
Lifland said Blockbuster’s ongoing losses prevent it from reorganizing as a stand-alone company. “There appears to be little to alleviate the ongoing deterioration of the debtor’s assets. Dish’s bid does constitute the highest and best offer,” he said.
The story adds: “Lifland overruled objections from landlords, business partners and other creditors about the amounts proposed to pay them under contracts that Blockbuster defaulted on. Film studios, landlords and business partners said the sale wouldn’t satisfy their claims. As of yesterday, 111 parties had filed objections to the sale.”