Blockbuster's Next Hit: 'A Stream Come True'

NEW YORK ( TheStreet) -- Blockbuster could be starring in its very own new movie come Friday -- "A Stream Come True."

The movie rental company, which was bought out of bankruptcy in April by Dish Network ( DISH), will host a press conference that overtly hints at an announcement regarding introducing its own streaming video service.

At the conference, which will take place in San Francisco, the company promises to unveil "the most comprehensive home entertainment package ever."

Dish CEO Joe Clayton and Blockbuster President Michael Kelly will both speak at the event.

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This comes as rival Netflix, which all but forced Blockbuster into bankruptcy, is experiencing its own hiccups.

Chief Executive Reed Hastings issued a mea culpa on Sunday evening, apologizing for miscommunication in the company's recent 60% price hike .

In the same blog post, Hastings also revealed that the company will now be split, renaming the DVD business "Qwikster" and having its streaming service live under the Netflix banner.

This is the latest move by Netflix that has alienated subscribers. Earlier in the month, the company ended talks with Liberty Starz to renew its streaming contract, which will result in less titles available come February 2012.

Blockbuster is kicking Netflix while its down, issuing a media campaign designed to woo irate Netflix subscribers and introduce them to its own Total Access DVD-by-mail program.

-- Written by Jeanine Poggi

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