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Blockbuster Drops Circuit City Takeover Bid

Blockbuster Inc. said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box retailer whose sales have tumbled this year.

Chief Executive James Keyes said in a written statement that the proposed deal, at a price of $1 billion or more, didn't make sense because of market conditions.

Blockbuster, the nation's largest movie-rental chain, will still try to merge content such as movies and games with the sale of electronic devices under one roof — but it will be at Blockbuster's own stores, Keyes said.

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