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Movie Gallery to sell MovieBeam

By Cindy Spielvogel -- Video Business, 5/2/2008

MAY 2 | Movie Gallery has asked the U.S. Bankruptcy Court in Richmond, Va., for permission to sell the MovieBeam set-top service, which the company shut down at the end of last year.

Movie Gallery said it wants to sell MovieBeam to Dar Capital, an investment firm, for $2.25 million.

The Dothan, Ala.-based retailer bought the service last year from Disney and other investors in a deal the retailer said at the time would cost it less than $10 million; Disney and the other investors had spent more than $100 million on the service.

Movie Gallery recently settled a patent infringement suit over MovieBeam.

The company expects to emerge from bankruptcy this quarter.

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