Hollywood Entertainment Announces Appointment of F. Bruce Giesbrecht as Chief Executive Officer, Replacing Mark Wattles; Communi
03 Febrero 2005 - 6:00AM
PR Newswire (US)
Hollywood Entertainment Announces Appointment of F. Bruce
Giesbrecht as Chief Executive Officer, Replacing Mark Wattles;
Communicates Statement on Blockbuster Exchange Offer PORTLAND,
Ore., Feb. 3 /PRNewswire-FirstCall/ -- Hollywood Entertainment
Corporation (NASDAQ:HLYW) announced today that Mark Wattles has
resigned as Chief Executive Officer and Chairman of the Board of
Directors of Hollywood. The Board of Directors has appointed F.
Bruce Giesbrecht, Hollywood's President and Chief Operating Officer
and a member of the Board of Directors, as Chief Executive Officer.
No replacement was named to serve as Chairman of the Board of
Directors. Also, in response to the indication by Blockbuster Inc.
on February 2, 2005 that it would soon commence an exchange offer
for the outstanding shares of Hollywood's common stock, Hollywood
announced that the exchange offer was being considered by the
Special Committee of Hollywood's Board of Directors and that on or
before February 17, 2005 Hollywood will advise its shareholders of
(i) whether Hollywood recommends acceptance or rejection of the
exchange offer; expresses no opinion and remains neutral toward the
exchange offer; or is unable to take a position with respect to the
exchange offer and (ii) the reason(s) for the position taken by
Hollywood with respect to the exchange offer (including the
inability to take a position). Hollywood requested that
shareholders not make a determination whether to accept or reject
the exchange offer until they have been advised as to Hollywood's
position on the matter. DATASOURCE: Hollywood Entertainment
Corporation CONTACT: Investors/Media: Daniel Burch, or Larry
Dennedy, both of Mackenzie Partners, Inc., +1-212-929-5500
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