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Presidents of Hollywood Entertainment, Game Crazy Step Down

Authored by Mark Hefflinger on May 3, 2005 - 10:36am.
Dothan, Ala. -- Movie Gallery, the Alabama-based video rental chain that recently acquired Hollywood Entertainment, the nation's second-largest chain behind Blockbuster, for $1.2 billion, announced on Tuesday that Hollywood president and CEO Bruce Giesbrecht, and Game Crazy president Randall Baumberger, have both stepped down. The company appointed former Hollywood senior vice president of store operations Lawrence Plotnick as chief operating officer of Hollywood Entertainment, who will oversee operations of Hollywood Video and Game Crazy stores. "I want to thank Bruce and Randy for their contributions in helping to build such a strong organization, with outstanding employees and powerful brands," said Movie Gallery CEO Joe Malugen. "They both have been instrumental in making Hollywood and Game Crazy leaders in their respective industries with more than 2,000 Hollywood Video superstores and more than 700 Game Crazy specialty retail outlets nationwide." The merged Movie Gallery now operates a total of more than 4,500 stores and is expected to generate $2.5 billion in annual revenues.
tags: Step Down | Presidents | Hollywood Entertainment | Game Crazy |

Blockbuster Reaffirms Interest in Acquiring Hollywood Entertainment

Authored by Mark Hefflinger on January 18, 2005 - 8:27am.
Dallas -- Video rental giant Blockbuster announced on Tuesday that it remains committed to pursuing an acquisition of Hollywood Entertainment, the nation's second-largest movie rental chain, in spite of Hollywood's recent announcement that it has agreed to merge with third-largest rental chain Movie Gallery. Blockbuster initially offered $11.50 per share for Hollywood, a bid that was rejected in favor of Alabama-based Movie Gallery's offer of $13.25 per share, or a total of $850 million. "We are disappointed that the special committee of Hollywood's board of directors elected to enter into a merger agreement with Movie Gallery without giving Blockbuster a fair opportunity to participate in the auction process," said Blockbuster CEO John Antioco. Blockbuster also indicated that it received a request for addition information from the Federal Trade Commission regarding its previous offer for Hollywood Entertainment, and said it expects the FTC's review process to be completed by the end of February.
tags: Acquire | Blockbuster | Hollywood Entertainment | Reaffirms Interest |