It will go down as one of the biggest missed opportunities in the boardroom: Blockbuster deciding not to buy Netflix.
But that’s what could have happened multiple times throughout the early 2000s when Netflix CEO and co-founder Reed Hastings courted a deal with Blockbuster-chief John Antioco to purchase the then DVD-by-mail rental company for $50 million (the company now has a market cap of $19.7 billion).
In 2005, Variety first reported that while Antioco was respected as a tough negotiator and strong manager, he lacked the vision to see where the homevideo industry was going and the changing shifts in the business under his feet.
“But management and vision are two separate things,” said a former high-ranking Blockbuster exec at the time, recalling, “We had the option to buy Netflix for $50 million and we didn’t do it. They were losing money. They came around a few times.”
See Also: Blockbusted! How »
- Marc Graser
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