Blockbuster submits bid to buy Circuit City - Blu-ray Forum

jw · 04-14-2008, 03:44 PM

I am wondering now, revenue losing Blockbuster, buying CC for 6.00 a share?

Quote:

Movie-rental leader offered $6 a share in February

By Danny King -- Video Business, 4/14/2008

APRIL 14 | Blockbuster said early today that it made an offer for at least $6 a share for Circuit City in February and that the No. 2 electronics retailer hadn’t fulfilled a request for due diligence necessary to make the bid “definitive.”
Blockbuster, the largest U.S. movie-rental chain, made the offer in a Feb. 17 letter to Circuit City CEO Philip Schoonover, who hasn’t responded to the bid. The offer was at least 27% more than Circuit City’s $4.74 closing price on Feb. 15, the previous day the stock traded........more.

Quote:

By Alan Wolf -- TWICE, 4/14/2008 8:31:00 AM

Richmond, Va. – Circuit City is doubtful that Blockbuster can swing the $1 billion it has offered to buy the struggling CE chain, and is unwilling to provide further due diligence information until the funding issue and other “fundamental questions” are answered.
In a statement released today, Circuit City said it had already received and considered a similar proposal from Blockbuster, with which it has been exchanging information, but that the movie rental chain has been unable to convince Circuit and its advisor, Goldman Sachs, that the offer could be financed....more

I guess time will tell? Both companies are struggling and one wants to buy the other? Heck, worked for K-mart, they came out of bankruptcy and purchased Sears

xtop · 04-14-2008, 03:52 PM

gonna be weird knowing a video rental store bought an electronics store. but cc needs to do something. they cant compete with best buy. especially since they refuse to remodel their terribly designed stores.

JTK · 04-14-2008, 11:55 PM

^^ That about sums up my take on this.

MATTYBLU2 · 04-15-2008, 12:01 AM

pretty shocking considering they are closing like 30% of their stores.

this really makes me

as my blockbuster closed this pass week and now they say all blockbusters will now be carrying blu ray movies.

xtop · 04-15-2008, 12:10 AM

Quote:

Originally Posted by MATTYBLU2

pretty shocking considering they are closing like 30% of their stores.

this really makes me

as my blockbuster closed this pass week and now they say all blockbusters will now be carrying blu ray movies.

who's closing 30% of their stores?

MATTYBLU2 · 04-15-2008, 12:28 AM

Quote:

Originally Posted by xtop

who's closing 30% of their stores?

BLOCKBUSTER

DetroitSportsFan · 04-15-2008, 12:56 AM

https://forum.blu-ray.com/showthread...ht=blockbuster

jw · 04-15-2008, 04:06 AM

Its off topic, thats why its here

eli1277 · 04-15-2008, 04:53 AM

Quote:

Originally Posted by xtop

gonna be weird knowing a video rental store bought an electronics store. but cc needs to do something. they cant compete with best buy. especially since they refuse to remodel their terribly designed stores.

I like the way CC is set up.

jw · 04-15-2008, 09:54 AM

Followup:

Quote:

Blockbuster Bids For Circuit City

-- TWICE, 4/14/2008 7:09:00 AM

Dallas — Blockbuster today announced that it has offered to acquire Circuit City Stores for at least $6 per share in cash, subject to due diligence. The offer was made in a letter sent to Circuit City chairman/CEO Phil Schoonover on Feb. 17 on behalf of Blockbuster’s board, which supports the offer, according to a Blockbuster release.
Circuit City stock was at $3.90 a share at Friday’s market close......more

So I guess we will be renting our videos from CC

Hamburglar · 04-15-2008, 05:49 PM

I think this is a sign of changing business environments for both tech brick and mortar retailers as well as the movie rental business.

CC has been getting a bunch of pressure from Best Buy as well as its own management issues.

Blockbuster has had a hard time shaking off NetFlix, even trying to imitate its mail order business as well as its on demand instant viewing capabilities by buying out some firms.

I'm not sure if the merger will work but it seems like both companies need to take some action quickly.

Dynamo of Eternia · 04-16-2008, 02:43 PM

Oh well. I guess two crappy stores that I rarely ever go to will just become one crappy store that I barely ever go to.

I only go to Circuit City if they have a really good deal on something, which is few and far between (and most of the time I just price match it at Best Buy or someplace else).

I don't really rent movies, and if I did I wouldn't use Blockbuster. I haven't rented from them in YEARS. The few times I've been there since, I usually buy something (if they have a good deal on their used movies, for instance).

I think the last time I bought anything from them was probably about a year and a half ago, and I think it's one of the only surprising (in a good way) experiences that I've ever had at a Blockbuster. My aunt was given a $20 gift card at work for Blockbuster, and she had no use for it, so she gave it to me. I figured I'd go and see if they had anything decent for sale.

I browsed up and down the isles, rather unimpressed with the selection, but desperately trying to find something so that I wouldn't have to come back later on to use the gift card another time. Then all of the sudden something caught my eye that made me do a double take. I looked, and sitting there, about a week or so before they were supposed to be released, were the individual limited edition DVD releases of the Star Wars Trilogy that now included the original versions on second discs that came with each movie. Granted, these were brand new movies (meaning not used) and Blockbuster charges pretty high prices for them, but with the gift card, it only ended up costing me the same money in cash that it would have at another store anyway.

I haven't bought anything from them since.

jw · 07-02-2008, 06:57 PM

http://www.homemediamagazine.com/new...ticle_id=13054

Blockbuster realized it was a lost cause

Quote:

Blockbuster Drops Circuit City Bid
Citing adverse market conditions, Blockbuster Inc. July 1 formally rescinded its two-month-old $1.32 billion offer to acquire consumer electronics retailer Circuit City Stores Inc. ... FULL STORY

iNCREDiPiNOY · 07-02-2008, 07:00 PM

That sux...

jw · 07-02-2008, 09:46 PM

not really, one BB say the books they bailed out, do you blame them. The store doesnt even carry the MGS4 PS3 bundle....

Hamburglar · 07-03-2008, 04:49 PM

Quote:

Originally Posted by jwbbud

not really, one BB say the books they bailed out, do you blame them. The store doesnt even carry the MGS4 PS3 bundle....

What a travesty...they should be banished! Seriously though, my friend is having a hard time finding one these days anywhere

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04-14-2008, 03:52 PM	#2
xtop Blu-ray Count Member since:Oct 2007 Blu-ray collection:- DVD collection:- Digital collection:- Trading Score:3	gonna be weird knowing a video rental store bought an electronics store. but cc needs to do something. they cant compete with best buy. especially since they refuse to remodel their terribly designed stores.

04-14-2008, 11:55 PM	#3
JTK Blu-ray Knight Member since:Jan 2006 Location:www.blurayoasis.com	^^ That about sums up my take on this.

04-15-2008, 12:01 AM	#4
MATTYBLU2 Banned Member since:Sep 2007 Location:NH Blu-ray collection:60 Trading Score:21	pretty shocking considering they are closing like 30% of their stores. this really makes me as my blockbuster closed this pass week and now they say all blockbusters will now be carrying blu ray movies.

04-15-2008, 12:56 AM	#7
DetroitSportsFan Hot Deals Moderator Top contributor Member since:Aug 2007 Location:Michigan 4K collection:439 Blu-ray collection:2226 Trading Score:93	https://forum.blu-ray.com/showthread...ht=blockbuster

04-15-2008, 04:06 AM	#8
jw Blu-ray Archduke Top contributor Member since:Apr 2007 Location:USA Trading Score:519	Its off topic, thats why its here

04-15-2008, 05:49 PM	#11
Hamburglar Active Member Member since:Apr 2008 Location:Maryland	I think this is a sign of changing business environments for both tech brick and mortar retailers as well as the movie rental business. CC has been getting a bunch of pressure from Best Buy as well as its own management issues. Blockbuster has had a hard time shaking off NetFlix, even trying to imitate its mail order business as well as its on demand instant viewing capabilities by buying out some firms. I'm not sure if the merger will work but it seems like both companies need to take some action quickly.

04-16-2008, 02:43 PM	#12
Dynamo of Eternia Blu-ray Knight Top contributor Member since:Dec 2007 4K collection:335 Blu-ray collection:1857 DVD collection:1573 Trading Score:3	Oh well. I guess two crappy stores that I rarely ever go to will just become one crappy store that I barely ever go to. I only go to Circuit City if they have a really good deal on something, which is few and far between (and most of the time I just price match it at Best Buy or someplace else). I don't really rent movies, and if I did I wouldn't use Blockbuster. I haven't rented from them in YEARS. The few times I've been there since, I usually buy something (if they have a good deal on their used movies, for instance). I think the last time I bought anything from them was probably about a year and a half ago, and I think it's one of the only surprising (in a good way) experiences that I've ever had at a Blockbuster. My aunt was given a $20 gift card at work for Blockbuster, and she had no use for it, so she gave it to me. I figured I'd go and see if they had anything decent for sale. I browsed up and down the isles, rather unimpressed with the selection, but desperately trying to find something so that I wouldn't have to come back later on to use the gift card another time. Then all of the sudden something caught my eye that made me do a double take. I looked, and sitting there, about a week or so before they were supposed to be released, were the individual limited edition DVD releases of the Star Wars Trilogy that now included the original versions on second discs that came with each movie. Granted, these were brand new movies (meaning not used) and Blockbuster charges pretty high prices for them, but with the gift card, it only ended up costing me the same money in cash that it would have at another store anyway. I haven't bought anything from them since.

07-02-2008, 07:00 PM	#14
iNCREDiPiNOY Banned Member since:Aug 2007 Location:NoHo, Cali PSN:iNCREDiPiNOY Wii:6379344902430379 Blu-ray collection:143 Trading Score:16	That sux...

07-02-2008, 09:46 PM	#15
jw Blu-ray Archduke Top contributor Member since:Apr 2007 Location:USA Trading Score:519	not really, one BB say the books they bailed out, do you blame them. The store doesnt even carry the MGS4 PS3 bundle....

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