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Hollywood Video

Movie Gallery to Close 400 Additional Rental Stores

Authored by Mark Hefflinger on February 5, 2008 - 8:56am.

Dothan, Ala. - Movie Gallery, the nation's second-largest video rental chain behind Blockbuster, on Tuesday announced plans to close an additional 400 underperforming and unprofitable Movie Gallery and Hollywood Video stores.

tags: Movies | DVD | Layoffs | Hollywood Video | Movie Gallery |

Rental Store Chain Movie Gallery Files for Bankruptcy

Authored by Mark Hefflinger on October 16, 2007 - 9:14am.

Dothan, Ala. - Movie Gallery, the nation's second-largest movie rental chain behind Blockbuster, announced on Tuesday that it has filed for Chapter 11 bankruptcy, and will close some of its stores as part of a reorganization plan.

tags: Deals | Movies | Chapter 11 | Hollywood Video | Movie Gallery | Goldman Sachs | Sopris Capital Advisors |

Movie Gallery to Launch Online DVD Rental Service

Authored by Mark Hefflinger on March 20, 2007 - 10:50am.

Dothan, Ala. - Movie Gallery, the nation's second-largest rental chain behind Blockbuster, announced on Tuesday plans to launch an online video rental service in mid-to-late 2007, entering a market dominated by Netflix and Blockbuster.

tags: Movies | DVD | Netflix | Kiosks | MovieBeam | Hollywood Video | Movie Gallery |

Blockbuster Abandons Bid to Acquire Rival Rental Chain Hollywood Video

Authored by Mark Hefflinger on March 28, 2005 - 8:20am.
Dallas -- Video rental giant Blockbuster has ended its bid to acquire Hollywood Entertainment, the nation's second-largest rental chain, in part due to anti-trust concerns raised by the Securities and Exchange Commission. Blockbuster had offered about $985 million for Hollywood, which officially rejected Blockbuster's bid in favor of a rival $900 million offer from Movie Gallery, the nation's third-largest rental chain. "Among those things that played prominently for us were Hollywood's recent public filings and the unlikely resolution of our request for regulatory clearance on an acceptable timetable. Given the current circumstances, in our judgment it is not in Blockbuster's best interest to continue to pursue the acquisition," said Blockbuster chairman and CEO John Antioco.
tags: Bid | Blockbuster | Hollywood Video | Rival Rental Chain |

Hollywood Video Seeks Antitrust Approval for Movie Gallery Merger

Authored by Mark Hefflinger on January 14, 2005 - 8:55am.
Portland, Ore. -- Hollywood Entertainment, the nation's second-largest video rental chain behind Blockbuster, announced that it has sought official antitrust approval of a buyout offer from Movie Gallery, the third-largest video rental chain in the U.S. Earlier this week, Alabama-based Movie Gallery offered $850 million for Hollywood, which operates 2,000 Hollywood Video and 700 Game Crazy stores. Oregon-based Hollywood also announced that it has received a "second request" from the Federal Trade Commission (FTC) in relation to an FTC investigation of a potential offer from Blockbuster to acquire the shares of Hollywood. Blockbuster previously offered $11.50 per share for Hollywood, but has said it would raise that offer if Hollywood granted full access to its books, and eliminated a qualification that Blockbuster never sidestep Hollywood's management with an offer proposed directly to Hollywood's shareholders.
tags: Hollywood Video | Antitrust Approval | Movie Gallery Merger |

Hollywood Video Accepts $850 Million Buyout Offer From Movie Gallery

Authored by Mark Hefflinger on January 10, 2005 - 11:06am.
Dothan, Ala. -- Movie Gallery, the nation's third-largest video rental chain, announced on Monday that it has agreed to acquire rival Hollywood Entertainment, the second-largest rental chain behind Blockbuster, in a deal valued at $1.2 billion. The deal would see Alabama-based Movie Gallery pay $13.25 a share for Hollywood, or $850 million, and assume about $350 million in Hollywood's debt. However, news of the deal sent Hollywood shares up as high as $20 on Monday, sparking analysts to speculate that the bidding war may not be over and Blockbuster may sweeten its initial bid of $11.50 per share for Hollywood. While Movie Gallery operates 2,475 stores in mainly rural locations, Hollywood Video has 2,000 video rental stores and over 700 Game Crazy video game stores. Blockbuster operates more than 9,000 video rental stores worldwide.
tags: Hollywood Video | Buyout Offer | Movie Gallery | Accepts |

Blockbuster Makes Contingent Offer to Raise Bid for Hollywood Video

Authored by Mark Hefflinger on December 1, 2004 - 5:09am.
Dallas -- Video rental giant Blockbuster said on Wednesday that it is willing to increase its bid for Hollywood Entertainment, the nation's second-largest video rental chain, if Hollywood would allow Blockbuster access to its financial records. Last month, Blockbuster offered around $700 million to acquire Hollywood Video. The bid was countered by rival offers from buyout firm Leonard Green & Partners, and Movie Gallery, the third-largest video rental chain. Billionaire Carl Icahn also disclosed that he has recently purchased 5.1 million Hollywood shares -- an 8.4% stake -- signaling that he may emerge as a fourth bidder for the company.
tags: Bid | Blockbuster | Hollywood Video | Contingent Offer |

Video Rental Chain Movie Gallery Submits Rival Bid for Hollywood Video

Authored by Mark Hefflinger on November 19, 2004 - 4:50am.
Dohan, Ala. -- Movie Gallery, the nation's third-largest video store rental chain, announced on Friday that it has submitted its own bid to rival Blockbuster's offer for Hollywood Entertainment Corp., which owns the Hollywood Video rental chain. Alabama-based Movie Gallery, whose stores are prominent in rural and secondary markets, did not disclose how much it offered for Hollywood Entertainment, but it is believed that the company at least matched Blockbuster's $700 million bid for the company made earlier this week. A merger of Movie Gallery and Hollywood Entertainment would still figure as the second-largest rental chain, behind Blockbuster. Movie Gallery CEO Joe Malugen said he believes his company's proposal "presents almost no antitrust risk," adding that "Blockbuster's proposed acquisition would create a dominant player with significant competitive overlap in the vast majority of markets served by Blockbuster and Hollywood Entertainment."
tags: Movies | Videos | Hollywood Video | Gallery | Rival Bid |