(Reuters) - Satellite television company Dish Network Corp
Dish Network said in a statement early on Wednesday it expects to pay about $228 million in cash to acquire Blockbuster.
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"Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for Dish Network," said Tom Cullen, executive vice president of sales, marketing and programing for Dish Network.
The winning bid must still be approved at a hearing in federal bankruptcy court on Thursday.
Blockbuster, which was once the world's largest movie rental chain, filed for bankruptcy in September and put itself up for sale after a reorganization plan fell apart.
Icahn had bid $310.6 million, but his bid included less money than Monarch's for notes rolled up into a bankruptcy loan and was thus considered a lower bid.
(Reporting by Sakthi Prasad in Bangalore; Editing by Sriraj Kalluvila)