Hollywood Announces Withdrawal Deadline 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) announced today that, in connection with the previously announced tender offer and consent solicitation for any and all of its $225,000,000 outstanding principal amount of 9.625% Senior Subordinated Notes due 2011 (CUSIP No. 436141AJ4) (the "Notes"), it has obtained the consents to the Proposed Amendments (as defined in the Statement described below) from holders of at least a majority in aggregate principal amount of the Notes. As described in the 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 Withdrawal Deadline will be 5:00 p.m., New York City time, on April 8, 2005. Tendered Notes may not be withdrawn and consents may not be revoked after the Withdrawal Deadline. 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. 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 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. 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. 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. DATASOURCE: Hollywood Entertainment Corporation CONTACT: MacKenzie Partners, Inc., +1-212-929-5500, or 1-800-322-2885 for Hollywood Entertainment Corporation

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