Blockbuster Re-Ups Antioco16 Jan, 2002 By: Hive News
Blockbuster chairman and CEO John F. Antioco, has signed a five-year extension to his deal with the company, extending a contract that was set to expire in June through Dec. 31, 2006.
"Under John's leadership, Blockbuster has grown significantly and introduced a series of innovative changes that have not only produced superior results, but have also been good for the home entertainment consumer," said Mel Karmazin, president and COO of Blockbuster majority stockholder Viacom Inc. "Over the past five years, Blockbuster's annual revenues have increased from $3.3 billion to over $5 billion and the company's share of the worldwide video rental market has increased significantly. Additionally, John and his team have grown Blockbuster's free cash flow from a negative position in 1997 to over $250 million for the first nine months of 2001."
Antioco's statement hinted at the chain pursuing opportunities outside of packaged media.
"I am tremendously proud of our management team and of the impressive financial results we have achieved together over the past five years," he said. "Looking ahead, I am confident that we will be able to continue to grow our core business while simultaneously extending our brand into new home entertainment segments to deliver additional revenue sources and increased shareholder value."