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BLOCKBUSTER REORGANIZES FOR GLOBAL OPPORTUNITIES; PRESIDENT RESIGNS

 FORT LAUDERDALE, Fla., Jan. 4 /PRNewswire/ -- Blockbuster Entertainment Corporation (NYSE: BV) today announced that the company has initiated a corporate-wide reorganization in response to recent acquisitions by the company and the continued implementation of its strategy to develop and acquire businesses as a global entertainment company. The reorganization resulted in the creation of separate divisions operating under the Blockbuster Entertainment corporate umbrella. These divisions consist of domestic home video, international home video, domestic music retailing, international music retailing, new technology ventures and other entertainment venues. The reorganization will allow the company to maximize the significant growth opportunities in each of these newly formed divisions.
 H. Wayne Huizenga, chairman, stated that "we are excited about this reorganization. The company's recent music acquisitions and its international joint venture with the Virgin Group have added new dimensions to our company. This reorganization will enable us to identify and capitalize on additional opportunities as they arise. We are pleased with the company's strong financial position and its preliminary results of operations for 1992 and with this reorganization we are even more enthusiastic about Blockbuster's future as we continue to expand as a global entertainment company."
 In connection with the reorganization, Joseph R. Baczko resigned as president and chief operating officer and as a director of the company. Baczko had been an officer and director of the company since January 1991. Baczko plans to pursue the formation of a new retailing venture in which the company among others will become investors. Steven R. Berrard, vice chairman, will assume the additional responsibilities of president of Blockbuster on an interim basis.
 Huizenga commented that "given the nature of the reorganization, Joe and the company have mutually reached his decision to resign. During his tenure as president, Joe's contributions to the company have been significant. He streamlined the company's video operations, improving productivity and profitability at all levels. We are fortunate to have had Joe's leadership in establishing a framework for the company's future. Joe is truly an outstanding executive and retailer and we are confident that he will be successful in his future endeavors."
 -0- 1/4/93
 /CONTACT: Steven R. Berrard, Gregory K. Fairbanks or Joseph Burke of Blockbuster Entertainment, 305-832-3000/
 (BV)


CO: Blockbuster Entertainment Corporation ST: Florida IN: ENT REA SU: PER

AW-JB-SS -- FL003 -- 1226 01/04/93 10:11 EST
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Publication:PR Newswire
Date:Jan 4, 1993
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