It has been reported that Blockbuster Inc., the company that provides movie DVDs on rent, has arrived at a new agreement to procure DVDs from News Corp.'s Twentieth Century Fox and Sony Corp.'s film studio.

This is part of the retailer's attempts to slash costs.

According to reports, Blockbuster will obtain rental copies of DVDs the very same day they are made available for sale. The company will also get better payment terms. This information was released by the Dallas-based company retailer.

In the past, the company has been undertaking talks with Hollywood studios, in an attempt to slash its DVD costs.

It also stated that, it may have to file for insolvency protection as part of an attempt to diminish its $975 million debt.

The company also made a similar cost reducing agreement with Time Warner Inc.'s Warner Bros. on March 23. Warner Bros. had presented the company access to DVDs before rival Netflix Inc.

The company is also not doing very well in the stock marker. Blockbuster shares fell 7% to 25 cents in the New York Stock Exchange composite trading. In this year itself, the shares of the have dropped 63%.