Blockbuster Inc, the world's largest movie rental chain, has sold its local unit to Webs-tv.net (網絡數碼), the Chinese-language cable television TVBS reported yesterday, without citing any sources.
Webs-tv.net, the nation's largest online multimedia service provider, will purchase local outlets of Blockbuster Taiwan for NT$500 million (US$15.36 million), the TVBS report said.
SEEKING APPROVAL
The deal has been sent to the Fair Trade Commission for approval, the report said. Calls made to the watchdog agency were not answered last night.
Webs-tv.net, chaired by Morse Chen (
But last week the Taipei-based company canceled a press conference which had been called to announce its cooperation with Sina Taiwan, a local unit of online portal Sina.com (
NO COMMENT
As of press time, there had been no comment from Chen about the reported deal.
Beginning operations in Taiwan nine years ago, Blockbuster holds the top position in the market with 128 stores nationwide and 2 million members, but rampant piracy has cut heavily into its business, the TVBS report said.
To reduce costs, many Blockbuster stores sub-lease space to snack or drink retailers, but stagnant business has finally forced the US movie rental giant to quit the local market, the TVBS report said.
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