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Blockbuster Hits Rewind on Plan to Return as Netflix Killer

Billionaire Charlie Ergen is giving up on his plan to turn the once-mighty Blockbuster LLC video-store chain into a Netflix Inc. competitor and gadget retailer.

When Ergen’s Dish Network Corp. acquired Blockbuster out of bankruptcy in April 2011, Ergen planned to use the stores to sell Dish mobile devices that could be used to stream Blockbuster movies. The plans broke down when U.S. regulators didn’t immediately approve a waiver allowing Dish to use its satellite spectrum for terrestrial data and voice transmission.