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Blockbuster Backs out of Circuit City Purchase
Posted by: jmet, 06:21, July 3, 2008 |
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Viewed: 975 Times |
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Traditional movie stores are feeling pressure from alternate forms of movie rentals such as iTunes rentals, Netflix, and VOD. An attempt to revive their profits, Blockbuster proposed to buy CircuitCity for 1.35 billion dollars in hope to expand its target audience.
In May of 2008, Circuit City finally opened its books to Blockbuster to allow it due diligence to make the decision to purchase or not. Today Blockbuster announced that it is withdrawing its proposal to purchase Circuit City.
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