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BLOCKBUSTER ENTERTAINMENT CORPORATION ANNOUNCES CLOSING OF SOUND WAREHOUSE, MUSIC PLUS ACQUISITIONS

 FORT LAUDERDALE, Fla., Nov. 20 ~PRNewswire~ -- Blockbuster Entertainment Corporation (NYSE: BV) today announced that the company completed its acquisition of the Sound Warehouse and Music Plus retailing chains.
 In connection with the acquisitions, the company issued 4,142,051 shares of its common stock for the equity interests in the acquired businesses and paid approximately $119 million to retire certain outstanding long-term indebtedness of these businesses.
 Sound Warehouse and Music Plus are among the largest specialty retailers of prerecorded music in the United States with 236 stores operating in 40 metropolitan areas. Blockbuster is the world's largest video retailer with more than 3,000 stores operating in 48 states, the District of Columbia, Guam, Puerto Rico and nine other countries.
 -0- 11~20~92
 ~CONTACT: Steven R. Berrard or Wally Knief of Blockbuster Entertainment Corporation, 305-832-3000~
 (BV)


CO: Blockbuster Entertainment Corp.; Sound Warehouse; Music Plus ST: Florida IN: ENT REA SU: TNM

SS-JJ -- FL013 -- 3564 11~20~92 17:12 EST
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Publication:PR Newswire
Date:Nov 20, 1992
Words:161
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