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Blockbuster drops bid to buy Hollywood.(Hollywood Entertainment Corp.)(Brief Article)
DALLAS -- Blockbuster Entertainment roared into March like a lion but went out like a lamb. The video retailer was dealt two blows last month when it dropped its bid to buy Hollywood Entertainment and agreed to pay $630,000 to pre-empt a lawsuit disputing its no-late-fees policy.
Blockbuster decided to end its pursuit of Hollywood after the Federal Trade Commission delayed a ruling on its proposal to buy the chain for $991 million. The FTC said Blockbuster provided "insufficient data" regarding its bid and the delay prompted Blockbuster to drop its offer to acquire the chain, noting that the FTC was likely to rule against the merger anyway because of anti-trust …
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