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Dish Network Corp. (NASDAQ:DISH) has announced that it will take charge of $46 million as a direct result of a write-down they are performing on Blockbuster locations in England. According to Hollywood Reporter, the move comes after failing to find a buyer for the embattled video rental franchise.
Blockbuster locations have become scarce since Netflix (NASDAQ:NFLX) took over the home movie scene by mailing movies directly to subscribers’ homes (Netflix later launched a streaming capability, which has too been enormously popular). Blockbuster attempted to replicate the mailing model, but it was too little, too late, and they soon found themselves posting consecutive losses as customers traded neighborhood convenience for zero late fees.
Dish Network is expected to announce its fourth-quarter report on February 20.
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