Hastings and Randolph raised $25,000 from their mother to start Netflix. The company was losing money hand over fist when they tried to buy Blockbuster for $50 million. But the deal collapsed within a year as Blockbuster stayed with its online business.
A couple of days ago, Reed Hastings, the co-founder and long-time CEO of Netflix stepped down from his role at the streaming giant. So in today’s Finshots, we thought we’d look back at how Netflix almost lost to Blockbuster and then won!
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