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HOLLYWOOD ENTERTAINMENT CORPORATION ANNOUNCES PUBLIC EQUITY OFFERING

 PORTLAND, Ore., Jan. 11 /PRNewswire/ -- Hollywood Entertainment Corporation (NASDAQ: HLYW) announced today that it had filed a registration statement with the Securities and Exchange Commission relating to the proposed public offering of 1,300,000 shares of common stock. Following the offering, there will be approximately 7,350,000 shares of the company's common stock outstanding. Montgomery Securities will act as the managing underwriter for the offering. The proceeds of the offering, together with the company's existing cash, will be used to finance the $30.5 million acquisition by Hollywood of the 33-store Video Central video superstore chain of H.E. Butt Grocery Company located in Texas.
 Hollywood Entertainment Corporation owns and operates 25 video retail superstores under the name "Hollywood Video" in Oregon, Washington and California. Upon completion of the offering and the Video Central acquisition, the company will operate 58 video superstores and will be one of the largest video retailers in the United States.
 Copies of the preliminary prospectus can be obtained from the offices of Montgomery Securities, 600 Montgomery St., San Francisco, Calif. 94111.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 1/11/94
 /CONTACT: Mark Wattles, chairman of Hollywood Entertainment Corporation, 503-624-1615/
 (HLYW)


CO: Hollywood Entertainment Corporation ST: Oregon IN: REA SU: OFR

CK -- NY084 -- 1163 01/11/94 17:29 EST
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Publication:PR Newswire
Date:Jan 11, 1994
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