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Blockbuster’s annual shareholder meeting brought to a close the months-long battle between dissident shareholder Gregory Meyer, who was vying for a seat on the board, and other directors led by BB CEO Jim Keyes. Meyer was given the eighth seat on Blockbuster’s newly expanded board of directors, and the company’s shareholders also approved a proposal to collapse BB’s A and B shares into one common stock issue, as well as approving a potential reverse stock split.

Keyes said the following on Meyer’s election after the meeting, no doubt with a trace of bitterness:

“It was clear in the proxy voting that Greg had strong support among several of our shareholders,”

Speaking about Meyer’s qualifications and the negotiations that have taken place between the two antagonists over the last few weeks, Keyes said:

“Greg’s background is complementary to our needs . . . We needed to make sure his interests were also in line with ours.”

Meyer offered the following on his way into his first BB board meeting:

“I’m looking forward to working constructively with the board. There’s a lot of work to be done,”

Amen to that last sentence. Have Blockbuster’s chances improved any with the approval of the stock changes and Meyer’s addition to the board? Give us your opinion in the comments.
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(via Dallas News)

4 Responses to “Dissident Shareholder Gets Seat on Blockbuster Board”

  1. Visitor [Join Now]
    Farva [visitor]

    Interesting news…especially with the fact that Greg was a founder of DVDXPress which was later sold to Coinstar. It would be a funny turn of events if the same thing would happen to Blockbuster now.

  2. Visitor [Join Now]
    John Small [visitor]

    Did you guys skip this article because you thought it was bad news for Redbox?

    • Visitor [Join Now]
      firstlawofnature [visitor]

      What part of the article is bad news for redbox?

      • Visitor [Join Now]
        rb [visitor]

        I don’t know about it being bad news for Redbox but this is what I think Redbox needs to do to help stay one step ahead of the competition. Liked Michael’s idea about Redbox offering gift cards to use at the kiosk or online, gift cards that are tied to the card purchaser’s credit card account. I’ve been seeing so many kids/teens etc. at the kiosks now that school is out. Imagine if Redbox could offer a gift card, not only tied to a parent’s credit card account, but that also has parental blockage on them (allowing no r-rated movies to be rented). Parents, grandparents, etc. would feel confident buying these Redbox cards as gifts for the under-17 crowd and allowing them to use them. Also, if Redbox would deal in basic gift cards with no parental blockage that you could buy/give as gifts to adult family members or others whom you trust are responsible and will not abuse/return the movies in a timely fashion. I think these gift cards would be a great addition to Redbox convenience and options and generate extra revenue. Don’t know of any other rental kiosk that offers such gift cards–and can’t think of any drawbacks as long as the card is tied to the purchaser’s credit card account. Redbox needs to think outside the box on this one!