Philips Increases Stake in Blockbuster to 4.5%

Consumer products giant Philips Electronics is boosting its stake in the video retailer Blockbuster Entertainment Corp. to 4.5% and has options to expand its holdings to more than 7%.

Blockbuster said the Dutch electronics giant indicated that it will exercise its option to buy 6 million newly issued shares for the $66 million it invested in the company in January.