Hollywood Entertainment Corp. announced Feb. 3 that it is considering Blockbuster's new acquisition bid. At the same time, Hollywood chairman/CEO Mark Wattles has resigned.

LOS ANGELES -- Hollywood Entertainment Corp. announced Feb. 3 that it is considering Blockbuster's new acquisition bid. At the same time, Hollywood chairman/CEO Mark Wattles has resigned.

Blockbuster said Feb. 2 that it would offer more than $1.3 billion to acquire Hollywood, topping Movie Gallery's $1.2 billion offer.

Hollywood's board approved the Movie Gallery bid on Jan. 10, but Blockbuster said in mid-January that it might announce a new bid.

A decision about whether to accept or reject Blockbuster's latest bid is expected by Hollywood's board on or before Feb. 17.

Wattles, meanwhile, has taken control of bankrupt electronics retailer Ultimate Electronics. At Hollywood Entertainment, former president/COO F. Bruce Giesbrecht has been named CEO; a new chairman has not yet been appointed.