Blockbuster Inc. will file bankruptcy next month, people familiar with the matter have told the Los Angeles Times. In a report on the Times website, the sources said the pre-planned Chapter 11 filing would be used to restructure a debt load of nearly $1 billion. A planned bankruptcy allows the debtor to work with creditors about payment terms ahead of the filing. Loading stock quotes… Index Last Change BBI 0.15 -0.03 -15.54% Quotes delayed 15+ min. Sources said the bankruptcy would take five months. During that time, the company would be able to shed some costly leases of its worst-performing stores. The source said Blockbuster would close 500 to 800 outlets. Movie studios, the Times reported, want the Dallas-based company to succeed so it can be a viable competitor to Netflix and Redbox. Netflix's success already contributed to the downfall of video rental chain Movie Gallery, which filed for bankruptcy protection for the second time earlier this year. The company, which also owns Hollywood Video, is in the process of closing its remaining 1,050 stores. Blockbuster also has been closing hundreds of unprofitable stores during the past two years. It still lost $65.4 million during the first three months of this year. Source is msnbc.com news services updated 8/26/2010 7:35:12 PM ET The Associated Press contributed to this report.

If you are a Verizon FiOS customer, you just got a nice surprise—YouTube and Internet radio now come straight to your television. Now instead of sitting on the couch surfing YouTube videos on your laptop, you can sit on the couch and surf YouTube videos on your TV. Which is a much better experience for anyone with a decent-sized HD television set. The new added service is free—assuming you’re already a subscriber to Verizon FiOS service. Click on the link below for more info... Verizon Fios offers free YouTube and Internet Radio

Arizona Public Service Co., Arizona's largest power company, is implementing a test program that would put customers' thermostats under their control to help balance power needs during critical peak usage times. APS will be able to remote control the customers' thermostats to control power draw from their A/C when there is a critical power transmission issue on the grid. To read the full article click on the following link...Arizona utility system to control home A/Cs

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