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.