Blockbuster's bid for its own electronics chain has come to an end. According to Variety, Blockbuster Video has pulled its $1 billion bid for Circuit City, almost six months after it initially made the offer. The rental chain made a bid of $6-$8 per share in mid-February but Blockbuster made it public in April when Circuit City refused to hand over financial data.
Blockbuster CEO Jim Keyes said that purchasing the company was now no longer in the company's best interests, but they will continue to try and spread out to other markets.
"We continue to believe in the strategic merits of a consumer retail proposition that would bring media content and electronic devices together under one brand," Keyes said.
Circuit City recently released its first quarter earnings report, with a projected quarterly loss of $165 million.