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After cutting a deal with an outside party for a Web-based video-ondemand service, Blockbuster Inc. has scrapped plans to take its online division public and tapped its architect to head its new media division.
The company last week announced it will not pursue an initial public offering for Blockbuster.com, citing its recently signed deal with Enron Broadband as the means to an end it had planned to reach through an IPO.
"Our goal is to become a leading destination for broadband entertainment,"says Blockbuster senior v.p. of corporate communications Karen Raskopf.
"And in one fell swoop, we formed an alliance with a...