Blockbuster Receives Surprise Bid From Korea: Report

NEW YORK ( TheStreet) -- Blockbuster ( BLOAQ.PK)received a surprise bid from a South Korean wireless communications company, according to a report.

SK Telecom, the country's largest cell phone provider, is looking to broaden its portfolio, the New York Post reported over the weekend.

The report comes as an auction for the struggling movie rental chain is scheduled for April 4. Blockbuster received a "stalking horse" bid of $290 million from a consortium of investors in February that will serve as the opening offer.

--Written by Jeanine Poggi in New York.

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