Blockbuster Admits Circuit City Deal is a “Challenge”
The CEO of Blockbuster admits that the company’s proposed deal to purchase Circuit City is a “challenge,” and also said that his employees and shareholders are eager to get an answer on the question either way.
In an interview with the Dallas Morning News, Blockbuster chief executive Jim Keyes added that regardless of whether or not Blockbuster succeeds in buying the CE retail giant, the chain still plans to become an entertainment company that balances both content and hardware.
Blockbuster announced two weeks ago that it had offered to purchase Circuit City for around $1 billion, and that the sides had been in negotiations for months. However, Wall Street has reacted ambivalently to the news, while Circuit City has resisted opening its books.