Hollywood Announces Results of Tender Offer For 9.625% Senior Subordinated Notes Due 2011

Hollywood Announces Results of Tender Offer For 9.625% Senior
Subordinated Notes Due 2011 


PORTLAND, Ore., April 22  /PRNewswire-FirstCall/ -- Hollywood Entertainment
Corporation ("Hollywood") (NASDAQ:HLYW) today announced the expiration of its
cash tender offer (the "Offer") to purchase any and all of its outstanding
9.625% Senior Subordinated Notes due 2011 (the "Notes"). The Offer expired at
5:00 p.m., New York City time, on April 21, 2005 (the "Expiration Time"). As of
the Expiration Time, $224,550,000 aggregate principal amount of the Notes, or
99.8% of the aggregate principal amount of Notes outstanding, were validly
tendered and not withdrawn.  Subject to the satisfaction or waiver of all
conditions precedent to Hollywood's obligation to accept for payment, and to
pay for, the Notes validly tendered and not withdrawn as set forth in the
related Offer to Purchase for Cash and Consent Solicitation Statement dated
March 24, 2005, as amended by the Amendment to Offer to Purchase for Cash and
Consent Solicitation Statement dated April 6, 2005 (as amended, the
"Statement") including, among other things, the satisfaction or waiver of all
conditions precedent to the completion of the acquisition of Hollywood by Movie
Gallery, Inc. ("Movie Gallery"), Hollywood intends to accept for payment, and
to pay for, $224,550,000 aggregate principal amount of the Notes on or about
April 27, 2005.

Holders who validly tendered their Notes and delivered their consents prior to
the Consent Payment Deadline (as defined in the Statement) will receive
$1,142.13 per $1,000 principal amount of Notes validly tendered and accepted
for payment, which amount includes a consent payment of $30.00 per $1,000
principal amount of the Notes.  Holders who tendered after the Consent Payment
Deadline but on or prior to the Expiration Time will receive $1,112.13 per
$1,000 principal amount of Notes validly tendered and accepted for payment.  In
addition, all holders of Notes who tendered in the tender offer will receive
accrued and unpaid interest up to but not including the Payment Date (as
defined in the Statement).

Hollywood has retained Wachovia Securities to serve as the dealer manager and
solicitation agent for the tender offer and the consent solicitation. Questions
regarding the tender offer and the consent solicitation may be directed to
Wachovia Securities at [phone] or [phone].  Requests for
documents in connection with the tender offer and the consent solicitation may
be directed to MacKenzie Partners, Inc., the information agent, at (212)
929-5500 or [phone].

This announcement is neither an offer to purchase, nor a solicitation of an
offer to purchase, nor a solicitation of tenders or consents with respect to,
any Notes.  The tender offer and the consent solicitation are being made solely
pursuant to the Statement and related Letter of Transmittal and Consent. 

DATASOURCE: Hollywood Entertainment Corporation



CONTACT:  Wachovia Securities, [phone], or [phone]; or

MacKenzie Partners, Inc., [phone], or 1-800-322-2885 for Hollywood

Entertainment

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