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Industry: Email Alert RSS FeedWherehouse Entertainment to pay $115 million in Blockbuster Music deal
Discount Store News, August 24, 1998
NEW YORK -- Viacom has signed a definitive agreement to sell the 378-store Blockbuster Music chain, part of its Blockbuster Entertainment Group, to Wherehouse Entertainment of Torrance, Calif., for $115 million in cash.
Blockbuster Music had $590 million in revenue and $1.9 million in EBITDA in the year ended Dec. 31, 1997, excluding unallocated overhead and a charge. Wherehouse, which emerged from Chapter 11 bankruptcy in January 1997, operates approximately 220 stores in seven Western states.
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Viacom sees the sale as another step in Blockbuster's financial rehabilitation. The deal will be financed by a private investment group, third-party financing and bank financining.
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