One of them is now worth $130billion, the other is bankrupt (via toofab)
At the time, years before anyone had ever heard of streaming, the then-three-year-old company was still mailing DVDs, but knew the internet would eventually be the way forward; However, it was losing money fast.After waiting for months trying to secure a meeting with the movie-rental giant, CEO John Antioco eventually granted one — at very short notice — telling the California-based pair they had to be in his Dallas headquarters by 11:30AM the following morning.
Blowing $20k of money they didn't have on a private jet they flew with their CFO Barry McCarthy to make their last ditch pitch. "In fact, a few points in our favor. To start, everyone hated Blockbuster. This, after all, was a company that had 'managed dissatisfaction' as a central pillar of its business model. It knew that most customers didn't enjoy the experience of renting from it, so its goal as a company wasn't so much to make the customer happy as it was to not piss them off so royally that they'd never come back.
As Reed delivered his carefully worked pitch, or as Randolph described it, "a real triple-decker shit sandwich", it looked to be going down well — until they unveiled the price: $50 million.
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