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Hollywood Video was the target of a hostile takeover attempt, initially announced at the end of December 2004 by competitor Blockbuster Video. Blockbuster announced an exchange offer of $14.50 per share ($11.50 cash and $3.00 in Blockbuster shares).
- Ben Unglesbee
- 1977. Twentieth Century Fox becomes the first studio to make its films available on video.
- 1985. David Cook opens the first Blockbuster store.
- 1987. Wayne Huizenga joins as investor, becomes CEO.
- 1993. After bulldozing its way across the country, Blockbuster has nearly 3,600 stores.
To counter the Blockbuster offer, Hollywood Video agreed to a buyout in January 2005 by a smaller competitor, the Dothan, Alabama-based Movie Gallery. Since then, Movie Gallery has filed for bankruptcy twice and its entire chain of stores has been liquidated.
Sep 6, 2014 · Instead of charging to rent videos, it offered subscriptions, which made annoying late fees unnecessary. Customers could watch a video for as long as they wanted or return it and get a new one.
Jan 8, 2024 · Blockbuster became synonymous with movie nights, and a big part of weekend rituals for many families. It even negotiated lucrative deals with Hollywood studios to produce films, further solidifying its influence on the video market. By the late 90s, Blockbuster had reached its peak.
Apr 16, 2010 · While some of the rental chains, including Hollywood and Blockbuster, tried to compete by introducing their own subscription and online services, Movie Gallery stuck to its tried-and-true guns and in 2005 acquired Hollywood Video in a $1.2 billion deal that included $350 million worth of Hollywood’s debt.
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Aug 12, 2020 · Under Huizenga, Blockbuster embarked on an aggressive expansion plan, buying out existing video-rental chains while opening new stores at a rate of one per day. By 1988, just three years...
