Blockbuster, facing challenging times because of Netflix and other competition, has offered slightly more than $1 billion in a hostile takeover bid for Circuit City Stores, Inc. The news met with skepticism from not only Circuit City, which is resisting opening its books, but also from analysts.

James Keyes, CEO, who joined Blockbuster last summer, says he has the support of one of his board members, Carl Icahn.

Read more in this morning’s Honolulu Advertiser.

See the Carl Icahn interview that aired on March 9 on 60 Minutes, which gives an overview of what happens to companies when he starts buying their stock.