EmptyKEYS TO the City
Blockbuster, with backing from some wealthy interested parties, has convinced Circuit City to open its books so the video rental chain can determine whether it should acquire the consumer electronics retailer. In April, Blockbuster said it would pay $6-$8 per share for Circuit City, though only after it is allowed to accomplish its due diligence, which was hampered by Circuit City's decision not to share its financial secrets, arguing that Blockbuster couldn't afford the more than $1 billion price tag anyway. That changed Friday, though, when financier Carl Icahn, the largest Blockbuster shareholder, said he was prepared to buy Circuit City himself if need be. Shares of Circuit City rose 6% Friday to $5.07 and continued higher in after-hours trading. Blockbuster shares are down 15% since making its play for Circuit City known April 14.
Garrett Brown will receive the Cine Gear Expo Lifetime Achievement Award. Brown, an inventor and filmmaker, earned an Academy Award of Merit for the development of the Steadicam, a stabilization tool for hand-held camera work. He will receive the honor June 20 in Universal City.