Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  HBK INVESTMENTS L P
 2. Date of Event Requiring Statement (Month/Day/Year)
10/13/2004		 3. Issuer Name and Ticker or Trading Symbol
BLOCKBUSTER INC [BBI & BBIb]
(Last)
(First)
(Middle)
300 CRESCENT CT, STE 700		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

DALLAS, TX 75201		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Class A Common Stock 1,171,469
D
 
Class B Common Stock 6,698,370
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
10/04 15 Puts (right to sell)   (1) 10/15/2004 Class A Common Stock 450,000 $ 15 D  
10/04 15 Calls (oglig to sell)   (2) 10/15/2004 Class A Common Stock 450,000 $ 15 D  
10/04 7.5 Calls (oblig to sell)   (3) 10/15/2004 Class A Common Stock 2,583,000 $ 7.5 D  
11/04 7.5 Calls (oblig to sell)   (4) 11/19/2004 Class A Common Stock 50,000 $ 7.5 D  
1/05 15 Puts (right to sell)   (5) 01/21/2005 Class A Common Stock 704,500 $ 15 D  
1/05 15 Calls (oblig to sell)   (6) 01/21/2005 Class A Common Stock 626,500 $ 15 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
HBK INVESTMENTS L P
300 CRESCENT CT
STE 700
DALLAS, TX 75201		     X    

Signatures

By: Kevin O'Neal 10/22/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Immediately exercisable.
(2) Immediately exercisable.
(3) Immediately exercisable.
(4) Immediately exercisable.
(5) Immediately exercisable.
(6) Immediately exercisable.
 
Remarks:
HBK Investments L.P. (the "Manager") has sole voting and dispositive power over the securities listed pursuant to an Investment Management Agreement with HBK Master Fund L.P. ("Master Fund"), but the Manager has no pecuniary interest in such securities.  All of the securities listed are held in the name of Master Fund.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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