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Don't think people like the new pricing plans lol

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April 6 (Bloomberg) -- Dish Network Corp. won an auction for Blockbuster Inc.’s movie rental business with a $320 million bid, beating offers from a group of lenders, investor Carl Icahn, SK Telecom Co. and a team of two liquidators, according to a person at the bidding.

The winning bid came shortly after 3 a.m. New York time, according to the person, who didn’t want to be named because the results weren’t public yet. The winner was declared after an eight-hour auction in Manhattan bankruptcy court was transferred to the offices of Cadwalader, Wickersham & Taft LLP, the law firm representing Icahn, at 5:30 p.m.

A so-called stalking horse offer of $290 million from Cobalt Video set the sale procedure and opened the company to competitive bidding from Cobalt and four other parties. Icahn was teamed with four corporate liquidators: Great American Group Inc., Tiger Capital Group LLC, Hudson Capital Partners LLC and SB Capital Group LLC.

Dish Network, a satellite service provider based in Englewood, Colorado, and SK Telecom, a wireless and Internet service provider based in Seoul, placed bids, as did corporate liquidators Gordon Brothers Group LLC and Hilco Merchant Resources LLC.

Throughout the day, lawyers and advisers for Blockbuster took breaks to evaluate the bids, which included cash components as well as other elements that weren’t easily comparable.

The case is In re Blockbuster, 10-14997, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

--Editors: Joe Schneider, Anthony Aarons

To contact the reporter on this story: Tiffany Kary in New York at tkary@bloomberg.net

To contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net; John Pickering at jpickering@bloomberg.net

http://latimesblogs.latimes.com/entertainmentnewsbuzz/2011/02/disney-strikes-new-terms-with-redbox-netflix.html