The move raises the likelihood 2,000 jobs and 264 stores will be saved.
Blockbuster went into administration in January after losing business to online firms streaming films over the internet as well as rentals through the post.
At the time, the firm had 528 stores – among them were 49 since bought by the supermarket Morrisons.
Around 200 stores were closed.
Joint administrator Lee Manning, said: “Having identified a profitable core portfolio of stores we are pleased to have achieved this sale for creditors.
“Together with the previously announced store sales more than half of the original estate has been secured for ongoing use.
“This transaction provides Blockbuster with a future in the UK and we owe a special vote of thanks to all the company’s employees, suppliers and customers for helping us rescue the business.”
Blockbuster is one of several High Street names to have come under pressure in recent times – particularly from online competitors.
Among them are camera chain Jessops, which has gone into administration; music and DVD group HMV, which has closed 66 stores; and electrical chain Comet, which closed its doors for the last time before Christmas.