Viacom CEO wants to sell Blockbuster
11-17-03, 04:06 PM
#1
Viacom CEO wants to sell Blockbuster
In the November 9-15, 2003 issue of Video Store magazine, there is an article about Blockbuster's DVD trade-in program, and at the end of the article, it talks about the same day Blockbuster announced they would be doing the trade ins, Viacom CEO Summer Redstone suggested a sale of Blockbuster could be a reality in the not so distant future.
"I don't believe Blockbuster is a core brand," he said. According to published reports, Redstone also said that Viacom is "essentially...not in the retail business." He did not elaborate further. Apparently, it wasn't too long after the Big Blue's stocks plummeted 30 percent last year on Dec 18th that Summer Redstone suggested an eventual sale of Blockbuster wasn't entirely out of the question.
"I don't believe Blockbuster is a core brand," he said. According to published reports, Redstone also said that Viacom is "essentially...not in the retail business." He did not elaborate further. Apparently, it wasn't too long after the Big Blue's stocks plummeted 30 percent last year on Dec 18th that Summer Redstone suggested an eventual sale of Blockbuster wasn't entirely out of the question.
