The video retailer, which once ruled the video rental business, has seen its business suffer in recent years due to Netflix's by-mail rental service, cable's Video On Demand and new movie streaming services from Netflix and others.
Additionally, despite the growth of the Blu-ray high-def disc, the DVD rental business has declined sharply in the past year.
However, the studios will likely help to keep Blockbuster in business so it can provide competition for Netflix and related businesses.