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The $50,000,000 “No.”
One word. One meeting. The single worst business decision of the modern era — caught on tape.
▶ PLAY DALLAS, TX — 2000
Reed Hastings flew to Dallas and pitched it straight: buy Netflix for $50 million, let it run Blockbuster's online brand. Blockbuster's CEO reportedly struggled not to laugh. Netflix was a niche DVD-by-mail outfit bleeding money. Blockbuster was a $6-billion empire with a store on every corner.
The empire said no. Netflix went home, built streaming, and ate the entire industry. Blockbuster rode the late-fee gravy train straight into bankruptcy court in 2010.
They said no to Netflix. Now Netflix is worth
$300 billion — and Blockbuster is a
coin.
You can't buy the 9,000 stores back. But you can buy the comeback.
