Blockbuster announced today that they're withdrawing their bid to acquire Circuit City. According to the press release, they're withdrawing because of market conditions and they didn't like what they saw after doing due diligence.

Blockbuster came one step closer to acquiring the beleaguered electronic chain, Circuit City, Friday. Circuit City agreed to open its books to the video rental company after succumbing to pressure from one of its larger shareholders, Wattles Capital Management. Not only that, but should Blockbuster failed to secure financing to move the deal forward, Carl Icahn and/or his affiliates will step in and buy the electronic chain, given everything checked out.

When Blockbuster made public their intention to acquire the struggling electronic chain Circuit City on April 14th for about $1 billion, everyone was doing a collective "huh?" at the proposed merger. Blockbuster's stock took a plunge to $2.81/share from the previous close of $3.13/share. The stock is currently at up to $3.02 as of this writing.

Blockbuster announced this Monday morning that it has put in a bid to acquire the struggling electronics retailer Circuit City chain for at least $6/share, a 54% premium over CC's April 11 closing price.

Blockbuster will be jumping into the movie streaming business with its own set-top box and will announce the service sometime this month, The Hollywood Reporter has learned. The device will connect to the TV and will allow people to rent and, presumably, buy movies and TV shows over the internet.