"In 2000, Netflix co-founders Reed Hastings and Marc Randolph tried to sell Netflix to Blockbuster for about $50 million. Blockbuster CEO John Antioco and his team passed, reportedly viewing the DVD-by-mail startup as too small and unproven."
"The decision became one of the most famous missed opportunities in business history as Netflix grew into a streaming giant. Blockbuster filed for bankruptcy in 2010, while Netflix went on to become one of the most valuable entertainment companies in the world."
In 2000, Netflix co-founders Reed Hastings and Marc Randolph sought to sell Netflix to Blockbuster for about $50 million. Blockbuster CEO John Antioco and his team declined the offer, reportedly judging the DVD-by-mail model as too small and unproven. The rejection later became widely cited as a major missed opportunity. Netflix expanded from DVD-by-mail into streaming and grew into a leading entertainment company. Blockbuster, by contrast, eventually filed for bankruptcy in 2010. Netflix later became one of the most valuable entertainment companies in the world.
Read at 24/7 Wall St.
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