HLYW Hollywood Entertainment (MM)

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., +1-212-929-5500

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