Media Industry
Industry: Email Alert RSS FeedBlockbuster Video enters music retailing. (Blockbuster Entertainment Corp. buys Sound Warehouse Inc. and Music Plus outlets from Shamrock Holdings of California Inc.; to sell pre-recorded music)
Tape-Disc Business, December, 1992
In a move into the already crowded pre-recorded music retailing industry, Blockbuster Entertainment owner of Blockbuster Video, the nation's top video retailer, acquired 236 Music Plus and Sound Warehouse outlets from Disney-owned Shamrock Holdings of California, Inc.
The sale price was announced at $185 million in cash and Blockbuster stock, according to Blockbuster Entertainment corporate communications manager Wally Knief.
According to Blockbuster chairman and CEO H. Wayne Huizenga, the company is seeking to expand its retailing base in the entertainment field. "We believe that the prerecorded music business is significant in size, generating approximately $24 billion in worldwide revenue last year," he said. He further stated that he believes...
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