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BLOCKBUSTER COMPLETES MERGER WITH LARGEST FRANCHISE OWNER

 FORT LAUDERDALE, Fla., Aug. 13 /PRNewswire/ -- Blockbuster Entertainment Corporation (NYSE: BV) announced today that the company completed its merger with WJB Video Limited Partnership and certain of its affiliates ("WJB").
 In connection with the merger, the company issued approximately 7.2 million shares of its common stock for the equity interests of WJB. As a result of the transaction, Blockbuster added 209 Blockbuster Video stores as company-owned stores.
 Upon completion of the merger, George Dean Johnson Jr., became president of Blockbuster's Consumer Division and a member of the company's board of directors. Johnson was the managing partner of WJB.
 Separately, the company acquired UI Video Holdings, Inc. ("UI Video") earlier this week in exchange for approximately 2.1 million shares of Blockbuster common stock and approximately $35.6 million in cash. As a result of the transaction, the company added 112 Blockbuster Video stores as company-owned stores. UI Video was the company's second largest franchise owner.
 -0- 8/13/93
 /CONTACT: Wally Knief of Blockbuster Entertainment Corporation, 305- 832-3250/
 (BV)


CO: Blockbuster Entertainment Corporation; WJB Video Limited
 Partnership; UI Video Holdings, Inc. ST: Florida IN: ENT REA SU: TNM


JB-SS -- FL009 -- 2671 08/13/93 15:53 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Aug 13, 1993
Words:198
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