DALLAS, July 1 /PRNewswire-FirstCall/ -- Blockbuster Inc. (NYSE: BBI,
BBI.B) announced today that it has decided to withdraw its proposal to
acquire Circuit City.
"Based on market conditions and the completion of our initial due
diligence process, we have determined that it is not in the best interest
of Blockbuster's shareholders to proceed with an acquisition of Circuit
City," said Jim Keyes, Blockbuster Chairman and CEO. "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. We
will pursue this strategy through our Blockbuster stores as a way to
diversify the business and better serve the entertainment retail segment."
About Blockbuster
Blockbuster Inc. (NYSE: BBI, BBI.B) is a leading global provider of
in-home movie and game entertainment, with more than 7,700 stores
throughout the Americas, Europe, Asia and Australia. The company may be
accessed worldwide at http://www.blockbuster.com.
Forward Looking Statements
This release should be viewed in the context of Blockbuster's most
recent Form 10-K, Form 10-Q and Form 8-Ks filed or furnished with the
Securities and Exchange Commission ("SEC"), and Blockbuster's most recent
quarterly earnings release and other press releases, all of which can be
found on the Investor Relations section of http://www.blockbuster.com.
This release may include "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements that do not relate strictly
to historical or current facts are forward-looking, including those
regarding our operations, strategies, initiatives and investments,
objectives, plans, goals and business and financial outlook.
These forward-looking statements are based on management's current
intent, belief, expectations, estimates and projections regarding our
company and our industry. They are not guarantees of future performance and
involve risks, uncertainties, assumptions and other factors that are
difficult to predict. Actual results may vary materially from those
expressed in or indicated by the forward-looking statements due to a
variety of factors, including: (1) overall industry performance and the
accuracy of our estimates and judgments regarding trends impacting the home
video industry, (2) consumer appeal of our online subscription offering,
combined in-store and online consumer offering, including BLOCKBUSTER Total
Access, and other existing and planned product and service offerings, (3)
our ability to respond to changing consumer preferences, including with
respect to video on demand, digital distribution and other new technologies
and alternative methods of content delivery, and to effectively adjust our
offerings as necessary, (4) the impact of in-store and online competitor
pricing and product and service offerings, (5) the extent and timing of our
investments to develop and implement our initiatives and our ability to
effectively control overall operating expenses and capital expenditures,
and (6) other factors described in our filings with the SEC, including
those discussed under the heading "Risk Factors" in our Form 10-K for the
year ended January 6, 2008 and under "Disclosure Regarding Forward-Looking
Information" in our report on Form 10-Q for the quarter ended April 6,
2008.
The forward-looking statements in this presentation are made only as of
the date of this release and we undertake no obligation to update publicly
any forward-looking statement for any reason, even if new information
becomes available or other events occur in the future.
| |
SOURCE Blockbuster Inc.
 back to top
Related links:
http://www.blockbuster.com
CONTACT:
press, Karen Raskopf, Senior Vice President,
Corporate Communications, +1-214-854-3190, or Randy Hargrove,
Senior Director, Corporate Communications, +1-214-854-3190, or
investors, Angelika Torres, Director, Investor Relations,
+1-214-854-4279, all of Blockbuster Inc.
| |
|
