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BLOCKBUSTER ENTERTAINMENT CORPORATION WINS TOP COMPANY OF THE YEAR AWARD

 MIAMI, April 28 /PRNewswire/ -- Blockbuster Entertainment Corporation (NYSE: BV), the 10th largest company based in the Dade/Broward region and a major player in the entertainment industry, was named 1993 Top Company of the Year this evening by New Miami magazine and the professional services firm of Deloitte & Touche.
 The award was announced by Sherrill Hudson, Group Managing Partner for Deloitte & Touche in Florida and Puerto Rico, and Richard W. Tobin, chairman of New Miami, during a reception at the Hotel Inter-Continental in downtown Miami.
 H. Wayne Huizenga, chairman and chief executive officer of the Fort Lauderdale-based entertainment company, accepted the award on behalf of Blockbuster Entertainment Corporation.
 About 150 South Florida companies were asked to participate in the Top Company of the Year selection process. Nominees were judged on corporate financial performance, local employment, and civic and charitable contributions. Blockbuster was selected from a list of five finalists which included Citizens Federal Bank, Cordis Corp., Ryder System, Inc., and Sensormatic Electronics Corp.
 "Blockbuster is one of South Florida's premier corporations," said Sherrill Hudson of Deloitte & Touche. "Annual revenues in 1992 amounted to more a billion dollars and the company employs 28,800 people -- about 1,800 of them in Dade and Broward counties.
 "The company has been transforming itself rapidly into a household name in the global entertainment industry through aggressive, well- managed growth," Hudson added.
 Besides its trademark video movie rental business, the Blockbuster conglomerate includes music retailing, film production and distribution, and family oriented entertainment centers. Just in the past six months, Blockbuster has greatly expanded its reach into new entertainment fields.
 Last October, the company bought 236 Sound Warehouse and Music Plus retail music stores in 40 U.S. metropolitan areas. Blockbuster also forged a joint venture in November with British entrepreneur Richard Branson and his Virgin music chain of megastores.
 Early this year, Blockbuster purchased a 35 percent interest in Republic Pictures. The company's assets include an extensive film library and a film production and distribution unit.
 CBS network and Blockbuster recently entered into an agreement whereby Blockbuster stores will distribute "Hot Pix," a free 10-minute promotional video-tape magazine which will preview movies, videos and CBS programming.
 In March, Blockbuster acquired approximately 54 percent of Spelling Entertainment Group. H. Wayne Huizenga has been named chairman of Spelling Entertainment Group and Blockbuster's Vice Chairman and Chief Operating Officer Steven R. Berrard, was named president and chief executive officer. Spelling's vast library of movie and TV titles includes such hit shows as "Beverly Hills 90210," "Dynasty", and "The Love Boat."
 Blockbuster earlier this month ventured into children's entertainment by buying a minority interest in the Discovery Zone, the owner and franchiser of 55 indoor playgrounds, or "fun centers" for kids. Blockbuster also is considering a venture to build its own chain of mini-amusement parks. A prototype park is now under construction in Broward County.
 "All of this activity by Blockbuster does not even include the sports-related entertainment interests of Mr. Huizenga, who is majority owner of the Florida Marlins Major League Baseball team, Miami's new National Hockey League team and a minority interest in the Miami Dolphins professional football team," said Richard W. Tobin, chairman of New Miami.
 Blockbuster is also the world's leading home video retailer with more than 2,000 video stores in 48 states and nine countries. Another 1,100 stores are owned by franchisees. New Miami magazine reported that Blockbuster commands 15 percent of the videocassette rental market nationwide. Its 1992 system wide revenue of $1.98 billion is larger than the combined revenue of Blockbuster's next 375 competitors.
 The company expects to build about another 1,000 stores over the next five years, which could expand its control over the U.S. video rental market to a 20 percent share. Blockbuster, a public company, is listed with the New York Stock Exchange and the London Stock Exchange.
 "What's important to note is that despite Blockbuster's emerging worldwide prominence, the company has not forgotten its roots in South Florida," said Tobin of New Miami. "The company continues to be an active supporter of the community by donating more than $2 million to local charities in 1992 alone."
 Some of the beneficiaries include the NAACP and Florida Memorial College. The company's support also has gone to Broward Community College, Nova University, Broward Humane Society, United Way, Florida International University, the Museum of Discovery and Science in Fort Lauderdale, and the National Center for Missing and Exploited Children.
 Blockbuster also funded and helped to develop a job training and counseling program through the Urban League of Broward County, Tobin said.
 "South Florida is rapidly establishing a reputation as a film and commercial production center, not only in the United States, but also in Latin America," Tobin added. "Besides Disney's Florida presence, Blockbuster Entertainment's success and expansion here should draw the entertainment industry to Florida."
 -0- 4/28/93
 /CONTACT: Barbara Peterson, marketing manager of Deloitte & Touche, 305-372-3106/
 (BV)


CO: Blockbuster Entertainment Corporation; Deloitte & Touche; New Miami
 magazine ST: Florida IN: ENT REA SU:


AW-JB -- FL017 -- 2346 04/28/93 18:13 EDT
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Date:Apr 28, 1993
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