News Section Logo NEWS - Return to news section

 

Blockbuster Backs out of Circuit City Purchase

Posted by: , 06:21 AEST, Thu July 3, 2008

Permanent Link     Add Comments
After CircuitCity disclosed their books, Blockbuster mysteriously withdraws their bid for acquisition

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.

 

 


Comments:

Related News:

News Icon What Are They Thinking

posted by: Jonathan M, 04:03 AEST, Tue April 15, 2008

News Icon Black Friday in High Definition

posted by: Jonathan M, 07:08 AEDT, Sat November 17, 2007

News Icon Blockbuster Bets on Blu-Ray Winning

posted by: Jonathan M, 04:19 AEST, Tue June 19, 2007

News Icon Its About Time

posted by: Jonathan M, 06:27 AEDT, Sat March 8, 2008

News Icon Netflix Wins!

posted by: Sean F, 16:34 AEDT, Mon December 26, 2005