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Netflix vs Blockbuster Revisited - Sudden Death | 1
Business Wars
Antiaco's Viacom Sucked the Life Out of Blockbuster
Video stores were dying and Antiaco knew it. He needed to catch Netflix, reduce the number of video rental stores and move into digital delivery before the $8 billion industry shrank to nothing. But Blockbuster's overlord Viacom extracted a $5 per share special dividend. Only after Viacom sucked the life out of Blockbuster did it spin off in late 2004 leaving Blockbuster with $1.2 billion in debt.
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