Are you happy, Netflix? Blockbuster Inc., once America's dominant movie-rental chain, entered into a $290 million agreement to be purchased by a group of private investors Monday. The deal, which still needs approval from a bankruptcy court, is considered to be a “stalking horse” strategy that might encourage other investors to offer higher bids. Blockbuster, which has been whittled down to 3,000 stores nationwide, filed for bankruptcy in September after being pushed out of the movie-rental market by online streaming services.
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