But now, with banks unwilling to lend, and nervous movie studios changing their credit terms from 90 days to cash, Blockbuster had only one option, Keyes said. var d = new Date(); A Toshiba Corp's coup but I know Mr Antioco agreed in March 2007 to leave Blockbuster ? if (mps._urlContainsEmail()) { Yeah, we’re talking about the Circuit City proposed acquisition. }); He also runs a chain of video-rental outlets that you may have heard of. return false; Blockbuster Inc.'s chief executive, head of a company so strapped for cash it skipped a scheduled debt payment last week, will retain his previous salary and is in line for a … It was something Keyes wasn’t worried about because he was planning to refinance the debt at a later date. mps._log('**** LOADED: cnbc-cms-header-insert'); The market crash left Blockbuster, which Keyes said had nearly doubled its earnings in 2008, with $350 million in debt that was due in the first quarter of 2009. )+[a-zA-Z]{2,}))/; ... James Cameron. })(); mpsload.id = "mps-load"; return false; “That was the death blow to Blockbuster that caused us to have to file for bankruptcy.”. '); “Everyone forgets. For example, at 7-Eleven Keyes invested in a program that took the company into public schools and began developing and recruiting future employees. script.setAttribute("onload", "setAdblockerCookie(false);"); if (!matches) { “So why did Netflix win?” he asked the crowd, which began shouting out guesses. Dish, which also had purchased spectrum as it readied for a 5G network, bought the company aiming to leverage the brand identity for a 5G streaming option, Keyes said. Antioco was pushed out in July and replaced with James Keyes, who rejected Hastings' proposal, raised the price of online DVD rentals and put an end to the free movie deal. mps._debug('[MPS]: email address detected in url, bypass gpt. {key:e[2],parent:a(e[1],window)}:{key:t,parent:window}}var c=t("ee").get("jsonp"),f=t(24)(c);if(e.exports=c,o()){var u=/[?&](?:callback|cb)=([^&#]+)/,d=/(.*)\.([^.]+)/,p=/^(\w+)(\.|$)(. James W. Keyes is known internationally as a transformational leader in business and social change. var foresee_enabled = 1 You want to go to a store? } I also care Blockbuster Inc changed on Jul 2, 2007 CEO from John Antioco to former 7-Eleven Inc. leader James Keyes. } So what did Keyes learn from all of this? .filter(categoryPreference => !categoryPreference.includes('0_') && categoryPreference.includes(':0')) if (typeof(window._mpspixZ) != 'string') { 'cag[brand]' : 'none' , Thus, the board of directors believed that he had the experience and skills necessary to perform a turnaround with Blockbuster. 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Blockbuster was in advanced talks to buy Movielink earlier this year but backed off. document.getElementsByTagName("head")[0].appendChild(script); mps.scodePath="//fm.cnbc.com/applications/cnbc.com/staticcontent/scripts/omniture/s_code.js?v=1.6.4.1"; mps._queue.mpsloaded = mps._queue.mpsloaded || []; if (!oneTrustCookie) return true; window._mpspixZ = (function(a){var b="abcdefghiklmnopqrstuvwxyz".split("");a||(a=Math.floor(Math.random()*b.length));for(var c="",d=0;d const blockedCategories = decodeURIComponent(matches[1]) if (!_qs) { It also put out kiosks, similar to Redbox, at retailers. mps._queue.adview = mps._queue.adview || []; Global Business and Financial News, Stock Quotes, and Market Data and Analysis. } } } }; The truth is rather the opposite if you ask Keyes, who said he believes any company’s success is entirely dependent on its ability to embrace change. Because Blockbuster selected Blu-ray. !e;this.xhrGuids&&!this.xhrGuids[n]&&(this.xhrGuids[n]=!0,this.totalCbs+=1)}),f.on("xhr-load-removed",function(t,e){var n=""+p(t)+! “My view of Blockbuster in 2007 was here is a company that is poised for disruption,” Keyes said. if (typeof window === 'undefined') return; 'cag[type_source]' : 'CNBC US Source' , script.setAttribute("async", true); In the meantime, though, welcome to the club, Mr. Keyes. (function(){ Got a confidential news tip? Keyes also was ready and waiting for technology devices to start allowing for streaming content (the iPad didn’t launch until 2010). Success is something Jim Keyes experienced long before his time at 7-Eleven. Lehman Brothers collapsed.”. return true; He swore that the company was not considering bankruptcy. ', window.location); CONTENT_SELECTION_AND_MEASUREMENT: 7, 'cag[type_creator]' : 'Tom Brennan' , 'adunits' : 'Top Banner|Badge A|Badge B|Badge C|Badge D|Flex Ad First|Box Ad 1|Non Iframe Custom|Inline Custom|Movable Box Ad|Responsive Rectangle' , 'id' : '25332167' , 'cag[attribution_author]' : 'Tom Brennan' , let cEnd = document.cookie.indexOf(';', cStart); //end OneTrust Redirect Copyright © 2021, D Magazine Partners, Inc. All Rights Reserved. 'subtype' : 'news_show' , 'stitle' : 'Hall of Shame: Blockbuster’s James W. Keyes' , Although Blockbuster did file for bankruptcy in 2010, it never liquidated. But in the end, above all, business leaders need to be tough, as they will likely have to withstand a lot of rejection, negative perceptions, and ups and downs. } If Keyes did that, he’d be out of the Hall of Shame and Blockbuster would be out of the doghouse. The machine would do everything from paying a ticket to cashing a check to wiring money to paying employees. for (var i in mps.response.dart.adunits) { madcap@cnbc.com. By George Anderson. function isOneTrustAnyBlocked() { // It came in four pieces: Always embrace change, have the confidence to execute, simplicity is key, and always be aware of the community your company serves and leverage that to provide stakeholder value. }; if (cStart !== -1) { A Toshiba Corp's coup but I know Mr Antioco agreed in March 2007 to leave Blockbuster ? “What really happened to Blockbuster was our inability to finance our debt,” he said. Video rental chain Blockbuster Inc. on Monday named James Keyes as its new chairman and chief executive to replace current CEO John Antioco, who … "true" : "false") + "; expires=" + d.toUTCString() + "; path=/"; Nathan Drake: Gerard Butler. If Jim Keyes would have seen the … 'cag[attribution_source]' : 'CNBC US Source' , So I went to talk to a few people about how the company got into its sorry situation and what it planned to do to get out. var script = document.createElement("script"); Netflix grabbed all this occasion to improve the Internet flooding program as well as provide shows on many other different styles of strategies such as TVs, processers, workstations, Xbox 360, smart phones and even Play Station . var pixelurl = ((document.location.protocol === 'https') ? d.setTime(d.getTime() + 60 * 60 * 24 * 30 * 1000); el.parentNode.insertBefore(s, el); The Artistic Passions of Blockbuster CEO Jim Keyes. Blockbuster’s CEO Officer James Keyes says don’t count Blockbuster out just yet. mpsload.src = "//" + mpsopts.host + "/fetch/ext/load-" + mpscall.site + ".js?nowrite=2"; Under Lock & Keyes 6:41 PM ET Mon, 23 June 2008 Blockbuster’s James W. Keyes. BBI stock is down 35% since the April 14 announcement. The idea was that it would use Blockbuster stores as distribution for better mobile service that would come with the ability to stream movies and mobile content. // check for region and redirect if country is in EEARegion