Grupo Elektra SAB de CV announced the purchase of Blockbuster Mexico from Blockbuster LLC for Mx$408 million pesos. Grupo Elektra is a publicly listed, Mexican retail/consumer finance company controlled by billionaire Ricardo Salinas. Blockbuster is a wholly-owned subsidiary of satellite pay-TV provider DISH Network.The company said it has retained current Blockbuster Mexico CEO Edward J. Argüelles, and most of the companys 2,600 employees. Elektra has also acquired rights to the Blockbuster brand in Mexico for two years.The acquisition will allow Grupo Elektra to move into slightly more upscale neighborhoods, with a large portion of the 320 Blockbuster outlets in B and C socio-demographic areas. The company said that it will add financial services under its Banco Azteca brand, as well as expand the line of electronics currently available at the stores.The purchase of Blockbuster México is a step toward the creation of high-quality, accesible services for increasingly-demanding Mexican consumers, said Luis Niño de Rivera, CEO of Banco Azteca. This transaction will provide a new range of vanguard products and entertainment systems.Blockbuster México currently has 1.6 million registered users and was one of the most profitable markets for Blockbuster Inc. Grupo Salinas hopes to migrate a portion of Blockbuster customers to some of its existing digital platforms and strengthen its entertainment offerings.
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