February 15, 2005 |
Movie rental chain Movie Gallery Inc. said it had passed a regulatory review of possible antitrust issues in its bid to acquire larger rival Hollywood Entertainment Corp. Hollywood also is the target of a takeover bid from industry leader Blockbuster Inc. Shares of Dothan, Ala.-based Movie Gallery's shares were unchanged at $21.42 and Dallas-based Blockbuster declined a dime to $9.30, both on the New York Stock Exchange. Wilsonville, Ore.-based Hollywood Entertainment fell 21 cents to $14.
September 26, 2007 |
Movie Gallery Inc., a video store chain burdened by more than $1 billion of debt, said Tuesday that it would close 12% of its stores to conserve cash. About 520 unprofitable locations will be shut, Movie Gallery said. The company declined to say how many jobs would be eliminated. It has about 40,000 full- and part-time workers in its 4,500 U.S. and Canadian stores. The move will save an unspecified amount of money as the video chain works to appease debt holders.
March 8, 2007 |
Movie Gallery Inc., the second-largest U.S. video-rental chain, acquired MovieBeam Inc. for less than $10 million to allow customers to download films to their televisions for a fee. MovieBeam charges $100 for a set-top control box, and movie rentals cost $1.99 to $4.99 each. The company is developing other technology that eventually may allow customers to download films onto computers.
May 12, 2006 |
Movie Gallery Inc., the second-largest U.S. video-rental chain, said Thursday that first-quarter profit more than doubled, beating analysts' estimates and sending its shares up 51%. Net income climbed to $40.3 million, or $1.27 a share, from $18.4 million, or 58 cents, a year earlier, Dothan, Ala.-based Movie Gallery said. Revenue in the period ended April 2 almost tripled to $694.4 million after the purchase of Hollywood Entertainment Corp. in April 2005.
March 26, 2005 |
Blockbuster Inc., the nation's largest video rental chain, withdrew its nearly $1-billion bid Friday to acquire No. 2 player Hollywood Entertainment Corp., citing fears that federal antitrust regulators would try to thwart the purchase. The move clears the way for the nation's No. 3 video rental company, Movie Gallery Inc., to buy the Wilsonville, Ore.-based operator of the Hollywood Video chain for $850 million. Blockbuster said its cash-and-stock bid valued Hollywood Entertainment at $14.
December 13, 2007 |
Movie Gallery Inc. plans to close its direct-to-home video rental unit MovieBeam Inc. on Saturday to cut costs. Movie Gallery filed for bankruptcy protection Oct. 16, blaming two years of losses and competition from Blockbuster Inc. and Netflix Inc. Initially backed by Walt Disney Co., Burbank-based MovieBeam started its video service in February 2006.