
06/07/2025
Netflix founders Reed Hastings and Marc Randolph approached Blockbuster with an offer to sell a stake (about 49 %) in Netflix for $50 million, proposing that Blockbuster would rebrand it as their online arm . Blockbuster’s leadership, led by CEO John Antioco, reportedly laughed off the offer. Antioco dismissed it as part of “dot‑com hysteria,” refusing even to entertain the pitch .
This remains a much-cited business legend: a small startup offering itself to a giant for a modest sum — and the giant declining. Shortly after, Netflix continued independently, launched streaming by 2007, and ultimately transformed the entertainment industry. Meanwhile, Blockbuster increasingly lagged and ultimately filed for bankruptcy in 2010 .