Remember Blockbuster Video? You know, that place you once visited before Netflix came into your life.

On Monday (4/4), the ol' faithful video store that has a presence in every neighborhood across America recently saw its assets go up for bankruptcy auction. Winning with a bid of $320 million, Dish Network has emerged as the new owner of the former movie rental giant. Here's what a rep from the number three pay TV company had to say about the purchase:

With its more than 1,700 store locations, a highly recognizable brand and multiple methods of delivery, Blockbuster will complement our existing video offerings while presenting cross-marketing and service extension opportunities for Dish Network. While Blockbuster’s business faces significant challenges, we look forward to working with its employees to reestablish Blockbuster’s brand as a leader in video entertainment.

Dish, headed by billionaire Charles Ergan, won a two-day auction for Blockbuster that stretched into the wee hours of Wednesday morning (4/6) with a bid valued at $228 million in cash, beating out billionaire investor Carl Icahn.

The company might just want Blockbuster's movie-streaming service in hopes of staving off the Netflix takeover. But either way, Dish and Ergen, are gambling the deal can help reinvent the company as consumers' TV and movie watching habits evolve.

At the end of last year, Dish had 14 million subscribers compared to Netflix more than 20 million fans. With this deal, though, could we see Ergan and company moving into position as a serious competitor in the future?