Blockbuster seeking buyer; skipping plans to reorganize

Wall Street Journal reports that Blockbuster is seeking a buyer instead of completing plans to reorganize under their Chapter 11 bankruptcy filed last year. Blockbuster’s move follows reports that the company’s creditors disagreed over lending additional funds. The chain is expected to ask the bankruptcy judge to approve bidding procedures for prospective buyers as early as next week.


Nokia announces alliance with Microsoft, details new business structure

Nokia and Microsoft announced their widely-anticipated alliance today with Nokia. Nokia hopes that deploying Windows Phone 7 would speed up production of new smartphones.

Analysts we spoke with were skeptical that the new effort would be able to make up ground on Google and Apple. "Microsoft is the big winner in this deal, but there are no silver bullets for either company" given the strength of the iPhone and Android, said analyst Ben Wood of CCS Insight. Nokia Chief Executive Stephen Elop said there would be "substantial reductions" to its global workforce and provided details about the company’s newly revised corporate structure consisting of two new business units.