You will be redirected back to your article in seconds

Antioco rebuts Icahn charges in missive

Topper says Blockbuster will stick with its plans

WASHINGTON — Blockbuster topper John Antioco played down recent criticisms by activist investor Carl Icahn and assured employees that the video rental company is on track toward long-term growth.

In the statement, included with a Securities and Exchange Commission filing Monday, Antioco said he believes the company will be well positioned for 2006 and beyond by accomplishing its current goals of boosting membership and online subscriptions.

“Regardless of reports or rumors that may persist regarding what others may believe is the right approach to our business, I and our executive management team remain committed to the plans we have laid out — plans designed to build long-term success,” Antioco said in the statement.

Icahn has criticized Blockbuster for excessive executive pay, wasteful spending and a botched attempt to acquire rival Hollywood Entertainment. He is urging the company’s shareholders to support his slate of director candidates — including himself — at this year’s annual meeting.

The Blockbuster’s CEO, in his statement, described Icahn as a “well-known Wall Street figure that we believe is looking at our business in a different way than we are.”

Antioco said Blockbuster has invested cash flow back into the business to build long-term shareholder value and taken several “promising” steps as a result, including the elimination of late fees. Antioco also said the company has seen positive membership growth for the first time in nearly two years, and that its rental and retail transactions are up significantly over last year.

More Scene

  • HOLLYWOOD, CA - JUNE 23: Actor

    Diego Luna, Mishel Prada Speak Out Against Border Separations at Latino Media Awards

    WASHINGTON — Blockbuster topper John Antioco played down recent criticisms by activist investor Carl Icahn and assured employees that the video rental company is on track toward long-term growth. In the statement, included with a Securities and Exchange Commission filing Monday, Antioco said he believes the company will be well positioned for 2006 and beyond […]

  • LOS ANGELES, CA - JUNE 22:

    SZA Holds Nothing Back in Second Show Since Vocal Injury Scare

    WASHINGTON — Blockbuster topper John Antioco played down recent criticisms by activist investor Carl Icahn and assured employees that the video rental company is on track toward long-term growth. In the statement, included with a Securities and Exchange Commission filing Monday, Antioco said he believes the company will be well positioned for 2006 and beyond […]

  • 'SORRY TO BOTHER YOU'

    Why 'Sorry to Bother You' Director Boots Riley Thinks His Satirical Comedy Is 'Realistic'

    WASHINGTON — Blockbuster topper John Antioco played down recent criticisms by activist investor Carl Icahn and assured employees that the video rental company is on track toward long-term growth. In the statement, included with a Securities and Exchange Commission filing Monday, Antioco said he believes the company will be well positioned for 2006 and beyond […]

  • Tesse Restaurant Opens on L.A.'s Sunset

    Tesse Restaurant Takes on the Challenge of Making the Sunset Strip Hip Again

    WASHINGTON — Blockbuster topper John Antioco played down recent criticisms by activist investor Carl Icahn and assured employees that the video rental company is on track toward long-term growth. In the statement, included with a Securities and Exchange Commission filing Monday, Antioco said he believes the company will be well positioned for 2006 and beyond […]

  • Tiffany Haddish

    MTV Movie and TV Awards: The 10 Standout Moments

    WASHINGTON — Blockbuster topper John Antioco played down recent criticisms by activist investor Carl Icahn and assured employees that the video rental company is on track toward long-term growth. In the statement, included with a Securities and Exchange Commission filing Monday, Antioco said he believes the company will be well positioned for 2006 and beyond […]

  • Michael B. Jordan

    'Black Panther,' 'Stranger Things' Reign at 2018 MTV Movie and TV Awards (Full List)

    WASHINGTON — Blockbuster topper John Antioco played down recent criticisms by activist investor Carl Icahn and assured employees that the video rental company is on track toward long-term growth. In the statement, included with a Securities and Exchange Commission filing Monday, Antioco said he believes the company will be well positioned for 2006 and beyond […]

  • Brandon Flynn, Timothy Granaderos, Alisha Boe,

    Alisha Boe Says Brock Turner Case Was Her 'Bible' for '13 Reasons Why' Season 2

    WASHINGTON — Blockbuster topper John Antioco played down recent criticisms by activist investor Carl Icahn and assured employees that the video rental company is on track toward long-term growth. In the statement, included with a Securities and Exchange Commission filing Monday, Antioco said he believes the company will be well positioned for 2006 and beyond […]

More From Our Brands

Access exclusive content