Retail chain Elektra to complete its takeover of Blockbuster Mexcio next week
Mexican retail chain Grupo Elektra SA will reportedly complete its purchase of local video and games rental company Blockbuster Mexico next week. No details on the deal's price or timing was made available. Elektra is owned by Mexican businessman Ricardo Salinas Pliego.
According to Reuters, Mexico's Federal Economic Competition Commission last month gave Elektra the go ahead to buy Blockbuster's video and video games sales and rental business. The retail chain plans to revamp the business as an on-demand digital video service, sources said.
Elektra mainly sells domestic appliances, mobile phones and other household goods, often on financing provided through its banking unit Banco Azteca SA, the report said.
American satellite company Dish Network Corp. acquired Blockbuster US in a bankruptcy auction in 2011. Dish, in its third quarter report, said that it had put the Mexican unit up for sale, Reuters wrote.
Based on a regulatory filing, Dish wrote down its Blockbuster Mexico assets by $21 million. Blockbuster Mexico had revenue of $117.7 million in the first nine months of 2013.