Retail Industry
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.
Most RecentRetail Articles
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.
COPYRIGHT 1998 Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
COPYRIGHT 2008 Gale, Cengage Learning
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- Design a commission plan that drives sales - Sales Commissions
- LIFO vs. FIFO: a return to the basics
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
Most Popular Business Publications
Content provided in partnership with
