Quick Jump Daily Digest
Thank you for your interest in the Quick Jump Daily Digest. Get notified of all new content on QJ in our free Daily Digest. To subscribe, enter your email address below and click the subscribe button.
Blockbuster agrees to sell Rhino videogames to GameStop |
Listed in: Wii, PS3, Xbox 360, PC Gaming Tags: GameStop
Blockbuster Inc. a global provider of in-home movie and game entertainment, has recently announced that it has a reached a definitive agreement for the sale of its Rhino Video Games chain to GameStop Corp. No word yet on the price agreed upon, but the sale is expected to close by the end of January.Just so you know (but you all probably do already), Rhino Video Games is a regional retail chain with 72 stores in Southeastern US, that specialized in the buying, selling, and trading of Video games.
And this is what R. Richard Fontaine says about the agreement:
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.
Here's what John Antioco, the Chairman and CEO of Blockbuster had to say about the deal:
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™, 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.
Given that GameStop's holiday sales alone is close to $1.7 billion, it is probably safe to assume that Rhino was acquired for a hefty amount
| This story sucks? This story rocks! |
|
|
Comments
Reply
Reply
What's up with the picture?
Reply
Reply
Reply
Sign up at http://www.blockbuster.com/bbfamily
First month free with promo code 1557TA
Facts:
1. Offer changes to 2-week trial beginning Jan 15 2007. 3 movies out at a time. So, signup now !
2. Members can exchange online movies for free DVD rentals at their local Blockbuster (online mailer/movie will work like a coupon). Also, as soon as the online movies are exchanged at the store, the next movies in your que will ship as well. You essentially double the # of DVDs you can watch by returning them to the store (you can’t do this with Netflix).
3. Members will also receive 1 in store coupon every month for a free movie OR video game (even during free month).
4. Only pay $17.99 per month (3 out) after the 1st month or downgrade to the $14.99 (2 out) or $9.99 (1 out) plans.
Reply
Reply
GS is almost a monopoly where i live, 9 GS/EB and 1 local store (which sucks) that used to be 2, 10 yrs ago... thats all that is within 45 mins driving distance.
the only place someone can go to get a fair deal on used games is the local used bookstore, how sad is that?
Reply
***** Rhino. I am so glad that this ***** hole of a company will soon be no more.
Reply
There's a Rhino near me. When they first opened, they were like EB Games when it first opened: Awesomeness incarnate.
Then they realized that being awesome meant they didn't make much money. They immediately dropped buy-back prices to almost nothing and jacked used prices WAY up.
Now they have NO used selection at all and they are total crap.
EB isn't quite as bad as that for used stuff, but they're pretty bad.
I think it'll be funny if Gamestop gets hit with a monopoly lawsuit since there's just about no competition now. (Target and Walmart don't count because their selection stinks.)
Reply