Hollywood Entertainment Announces Appointment of F. Bruce Giesbrecht as Chief Executive Officer, Replacing Mark Wattles; Communi

Hollywood Entertainment Announces Appointment of F. Bruce
Giesbrecht as Chief Executive Officer, Replacing Mark Wattles; Communicates
Statement on Blockbuster Exchange Offer 


PORTLAND, Ore., Feb. 3  /PRNewswire-FirstCall/ -- Hollywood Entertainment
Corporation (NASDAQ:HLYW) announced today that Mark Wattles has resigned as
Chief Executive Officer and Chairman of the Board of Directors of Hollywood.
The Board of Directors has appointed F. Bruce Giesbrecht, Hollywood's President
and Chief Operating Officer and a member of the Board of Directors, as Chief
Executive Officer.  No replacement was named to serve as Chairman of the Board
of Directors.

Also, in response to the indication by Blockbuster Inc. on February 2, 2005
that it would soon commence an exchange offer for the outstanding shares of
Hollywood's common stock, Hollywood announced that the exchange offer was being
considered by the Special Committee of Hollywood's Board of Directors and that
on or before February 17, 2005 Hollywood will advise its shareholders of (i)
whether Hollywood recommends acceptance or rejection of the exchange offer;
expresses no opinion and remains neutral toward the exchange offer; or is
unable to take a position with respect to the exchange offer and (ii) the
reason(s) for the position taken by Hollywood with respect to the exchange
offer (including the inability to take a position).  Hollywood requested that
shareholders not make a determination whether to accept or reject the exchange
offer until they have been advised as to Hollywood's position on the matter. 

DATASOURCE: Hollywood Entertainment Corporation



CONTACT:  Investors/Media: Daniel Burch, or Larry Dennedy, both of

Mackenzie Partners, Inc., [phone]

Copyright