Retail Industry
Industry: Email Alert RSS FeedNot so fast, Sumner. (Viacom Inc's chairman Sumner Redstone's announcement that Blockbuster Entertainment's problems have been solved)
Video Business, June, 1998 by Sweeting, Paul
Say this for Viacom Inc. chairman Sumner Redstone: He doesn't want for conviction. Barely a year after bringing in CEO John Antioco to stabilize Viacom's wobbling Blockbuster Entertainment unit, Redstone has taken to the press in the past few weeks to pronounce the video chain's problems now "fixed" and to declare the chain nearly ready for sale or spinoff at a value close to the $8 billion he paid for it. (Best quote from the campaign so far: "Stupid is over," from the June 15 Forbes. Take that, Bill Fields.)
In the interviews, Redstone credits Blockbuster's shift to revenue-sharing with fueling the turnaround and with driving the chain's share of the rental market from 25% to 30% in a mere six months. He predicts Blockbuster will shortly capture 40% of the...
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