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By the end of 1986 it had lost $3.2 million.Antioco and Icahn had different views on how to revive the business; Antioco scrapped late fees, started an Internet service and wanted to keep the company independent, while Icahn wanted to sell out to a private-equity firm.-- it was, in fact, an oil company., which, at the time, was in a bidding war for Paramount Communications with QVC.By May 1989, however, Blockbuster's push to acquire rival chains suffered a setback when a Bear Sterns analyst issued a report criticizing the company's accounting practices, calling it "inaccurate and grossly misleading." The report claimed Blockbuster's earnings growth was "due to dubious merger accounting, nonrecurring sales to new franchises, and changes in amortization practices.", announced it would divest its 12% stake and sell its 28 franchised stores.And analysts also criticized the company for its late adopting of the DVD.

Blockbuster was looking like, well, a blockbuster.of media, not just video stores, the company made a decision that could only be viewed as the catalyst that paved the way to its eventual downfall.Already, the Internet was being viewed as a potential killer of the video industry.At the helm, Huizenga spent the late 80s acquiring several of Blockbuster's key rivals -- most notablyWith a potential growth pipeline that could have made Blockbuster thehad just entered the market, expanding from selling cheap books online to cheap DVDs, and a little company calledfounder Wayne Huizenga and a group of other investors stepped in, purchasing one-third of the company and buying more than $18 million in stock.With growth playing the lead role of the company's business plan, in September 1986 Blockbuster set out to raise money with a public offering. There were 9,000 Blockbuster locations nationwide at the company’s peak, each offering movies, specialty videos, video game rentals, and a handful of unhealthy snacks. Cook kept his doors open later than traditional video stores. There were 9,000 Blockbuster locations nationwide at the company’s peak, each offering movies, specialty videos, video game rentals, and a handful of unhealthy snacks. For the answer to that, let's rewind the tape, and play it all back.It was an unconventional corporate move, for sure. In August 1999, a mere 1,000 Blockbuster stores carried DVD copies.Despite these concerns, Blockbuster refused to change its accounting practices. And in perhaps the most crucial move for future growth, Cook determined that Blockbuster would be a family-friendly destination, and he refused to stock adult films.And then, of course, the recession set in, which only served to further hinder the already decaying business.would be set 25 years ago in the Dallas offices of an oil-equipment provider called Cooks Data Services.Still, the credits aren't rolling for the Blockbuster movie just yet -- and while this is one story that's unlikely to have a fairytale ending, it's destined to become a classic.Now more than two decades later, investors are still questioning if, at any point amidThe buyout ignited an executive shakeup, where Blockbuster saw CEOs resign at a rate of one a year for three years.