Hollywood Announces Pricing in Connection With Tender Offer and Consent Solicitation for 9.625% Senior Subordinated Notes Due 20

Share Name	Share Symbol	Market	Type
Hollywood Entertainment (MM)	NASDAQ:HLYW	NASDAQ	Common Stock

Hollywood Entertainment (NASDAQ:HLYW)
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Hollywood Announces Pricing in Connection With Tender Offer and Consent Solicitation for 9.625% Senior Subordinated Notes Due 2011 PORTLAND, Ore., April 7 /PRNewswire-FirstCall/ -- Hollywood Entertainment Corporation ("Hollywood") (Nadsaq: HLYW) today announced the pricing for its offer to purchase for cash any and all of its outstanding 9.625% Senior Subordinated Notes due 2011 (the "Notes") and related consent solicitation, commenced on March 24, 2005. The total consideration to be paid for each $1,000 principal amount of Notes validly tendered and accepted for payment will be $1,142.13. The total consideration for each Note tendered includes a consent payment of $30.00 per $1,000 principal amount of the Notes to holders who validly tender their Notes and deliver their consents prior to the Consent Payment Deadline (as defined in the Statement described below), which is currently scheduled for April 12, 2005. Holders tendering after the Consent Payment Deadline but on or prior to the Expiration Time (as defined in the Statement described below), which is currently scheduled for April 21, 2005, will receive $1,112.13 per $1,000 principal amount of Notes validly tendered and accepted for payment. In addition, holders of Notes who tender in the tender offer will receive accrued and unpaid interest up to but not including the Payment Date (as defined in the Statement described below). The purchase price was fixed as of 10:00 a.m., New York City time, on April 7, 2005, based on the pricing formula 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"). The tender offer is scheduled to expire at 5:00 p.m., New York City time, on April 21, 2005, unless extended or earlier terminated. Tendered Notes may not be withdrawn and consents may not be revoked after the Withdrawal Deadline, which will be the earlier of (i) the Consent Payment Deadline and (ii) 5:00 p.m., New York City time, on the business day following the business day on which Hollywood issues a press release announcing that it has obtained the consents from holders of at least a majority in aggregate principal amount of the Notes, unless that date is extended. The obligation of Hollywood to accept for purchase and pay for the Notes in the tender offer is conditioned on, 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") and the receipt of consents to the Proposed Amendments (as defined in the Statement) from the holders of at least a majority of the aggregate principal amount of outstanding Notes, each as described in more detail 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 (704) 715-8341 or (866) 309-6316. 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 (800) 322-2885. 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: MacKenzie Partners, Inc., +1-212-929-5500 or 1-800-322-2885

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HLYW Hollywood Entertainment (MM)