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BLOCKBUSTER TO ACQUIRE U.S. SUPER CLUB OPERATIONS FROM PHILIPS ELECTRONICS

 FORT LAUDERDALE, Fla., Oct. 6 /PRNewswire/ -- Blockbuster Entertainment Corporation (NYSE: BV) announced today that it has reached an agreement in principle with Philips Electronics N.V. providing for Blockbuster's acquisition of Super Club Retail Entertainment Corporation, an indirect subsidiary of Philips Electronics, for approximately $150 million.
 The purchase price would be payable in cash, shares of Blockbuster common stock, or a combination thereof. The closing of the transaction is subject to the execution of a definitive agreement and other customary conditions and is expected to occur before the end of November.
 Super Club Retail is the largest music retailer in the southeastern United States, operating approximately 270 stores under the names Record Bar, Tracks, Turtles and Rhythm and Views. Super Club also operates approximately 160 video retail superstores in 13 states in the United States.
 H. Wayne Huizenga, chairman and chief executive officer of Blockbuster, stated that "we are excited about this opportunity to bolster our presence in the music and home video industries. The addition of Super Club's music stores will complement the company's existing base of stores, making us one of the largest music retailers in the world."
 Blockbuster Entertainment Corporation is a leading company in the entertainment industry. Blockbuster's video division includes 3,258 stores operating in the system as of June 30, 1993, of which 1,134 were franchise-owned and 2,124 were company-owned. The Blockbuster Video system operates in 48 states and nine other countries. The Blockbuster Music division includes 237 Sound Warehouse and Music Plus stores operating in 40 metropolitan areas in the United States and 17 Megastores operating throughout Continental Europe, Australia and the United States owned by a joint venture with the Virgin Retail Group.
 The company also owns approximately 70.5 percent of Spelling Entertainment Group Inc. and approximately 34 percent of Republic Pictures Corporation, both leading producers and distributors of filmed entertainment.
 -0- 10/6/93
 /CONTACT: Gregory K. Fairbanks of Blockbuster Entertainment, 305-832-3000/
 (BV)


CO: Blockbuster Entertainment Corporation; Super Club Retail
 Entertainment Corporation ST: Florida IN: REA ENT SU: TNM


AW-JV -- FL010 -- 9536 10/06/93 18:13 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
Words:350
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