The awkward pairing of Circuit City and Blockbuster (NYSE: BBI) is past the spitball phase and into the handholding phase. The struggling electronics giant says it will allow Blockbuster and investor Carl Icahn to conduct due diligence into the company, and it says it has hired Goldman Sachs to help it explore strategic alternatives. In an announcement, it says it received a response from Blockbuster answering questions on how it plans to finance the complicated deal. In it, Blockbuster noted that Carl Icahn could decide to buy Circuit City himself if Blockbuster could not obtain the necessary financing. More to come Release.
By Joseph Weisenthal