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Blockbuster seeks DVD cost breaks, may file bankruptcy
March 16, 2010
Blockbuster Inc., the money-losing video-rental chain with $855.9 million in debt, is in talks with Hollywood studios toreduce its DVD costs and said it may file for bankruptcy, according to Business Week. Facing competition from rental vending machines like redbox and by-mail and online from Netflix Inc., Blockbuster has seen revenue decline for six straight quarters. The company's credit ranking was cut two grades this month to Caa3, the third lowest, by Moody's Investors Service.
Meanwhile, a story inVariety reports that several cable companies are soliciting helpfrom Hollywood to keep their on-demand products in front of consumers. The $30 million marketing campaign, titled "The Video Store Just Moved In," aims to confront the threat posed by redbox and Netflix by educating digital cable customers through a series of TV, print and online ads on the ease of renting a movie with a remote control.
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