UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G
                    Under the Securities Exchange Act of 1934
                                Amendment No. 1
 


                                Blockbuster Inc.
-------------------------------------------------------------------------------
                                (Name of Issuer)



                      Class A Common Stock, $0.01 par value
-------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    093679108
                  --------------------------------------------
                                 (CUSIP Number)



                                December 31, 2004
-------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

[X] Rule 13d-1(b)

[_] Rule 13d-1(c)

[_] Rule 13d-1(d)



                                Page 1 of 4 pages



-----------------------
  CUSIP No. 093679108                   13G
-----------------------

------------------------------------------------------------------------------
 1.   Name of Reporting Person
      I.R.S. Identification No. of above Person

           Goldman Sachs Asset Management, L.P.


------------------------------------------------------------------------------
 2.   Check the Appropriate Box if a Member of a Group
                                                                (a) [_]
                                                                (b) [_]

------------------------------------------------------------------------------
 3.   SEC Use Only
 


------------------------------------------------------------------------------
 4.   Citizenship or Place of Organization
 
           Delaware

------------------------------------------------------------------------------
                     5.   Sole Voting Power
 
     Number of                 27,362

      Shares        ----------------------------------------------------------
                     6.   Shared Voting Power
   Beneficially
                               0
     Owned by
                    ----------------------------------------------------------
       Each          7.   Sole Dispositive Power
 
    Reporting                  27,362

      Person        ----------------------------------------------------------
                     8.   Shared Dispositive Power
       With:
                               0

------------------------------------------------------------------------------
 9.   Aggregate Amount Beneficially Owned by Each Reporting Person
 
           27,362

------------------------------------------------------------------------------
10.   Check if the Aggregate Amount in Row (9) Excludes Certain Shares

                                                                    [_]

------------------------------------------------------------------------------
11.   Percent of Class Represented by Amount in Row (9)

          0%

------------------------------------------------------------------------------
12.   Type of Reporting Person

           IA

------------------------------------------------------------------------------




                               Page 2 of 4 pages


Item 2(d).         Title of Class of Securities:
                   Class A Common Stock, $0.01 par value

Item 4.            Ownership.*

          (a).     Amount beneficially owned:
                   See the response(s) to Item  9 on the attached cover page(s).

          (b).     Percent of Class:
                   See the response(s) to Item 11 on the attached cover page(s).

          (c).     Number of shares as to which such person has:

                   (i).     Sole power to  vote or to direct  the vote:  See the
                            response(s) to Item 5 on the attached cover page(s).
 
                   (ii).    Shared power to vote or to direct the vote:  See the
                            response(s) to Item 6 on the attached cover page(s).
 
                   (iii).   Sole power to  dispose or to direct  the disposition
                            of:  See the response(s) to  Item 7  on the attached
                            cover page(s).

                   (iv).    Shared power to dispose or to direct the disposition
                            of:  See the response(s) to  Item 8  on the attached
                            cover page(s).

Item 5.            Ownership  of  Five  Percent or  Less  of  a  Class.
                   If this  statement is being filed to report the fact that as
                   of the date hereof the reporting  person has ceased to be the
                   beneficial owner of more than five percent of the class of 
                   securities, check the following [X].

Item 10.           Certification.
                   By signing  below I certify that, to the best of my knowledge
                   and belief,  the  securities  referred to above were acquired
                   and are held in the ordinary  course of business and were not
                   acquired  and are not  held  for the  purpose  of or with the
                   effect of changing or  influencing  the control of the issuer
                   of the  securities  and were not acquired and are not held in
                   connection with or as a participant in any transaction having
                   that purpose or effect.


--------------------------
     * In accordance with Securities and Exchange  Commission  ("SEC") Release
No.   34-39538   (January  12,  1998),   this  filing  reflects  the  securities
beneficially owned by Goldman Sachs Asset Management, L.P. ("GSAM LP"). GSAM LP,
an investment advisor, disclaims beneficial ownership of any securities managed,
on GSAM LP's behalf, by third parties.




                              Page 3 of 4 pages



                                    SIGNATURE


            After reasonable inquiry and to the best of my knowledge
            and belief,  I certify that the information set forth in
            this statement is true, complete and correct.


Date:  February 7, 2005


                                GOLDMAN SACHS ASSET MANAGEMENT, L.P. 

                                By:/s/  Ted Chang
                                   ----------------------------------------
                                Name:   Ted Chang
                                Title:  Attorney-in-fact




                               Page 4 of 4 pages