Blockbuster turned down buying Netflix for $50 million

In 2000, Netflix co-founder Reed Hastings flew to Dallas to pitch a merger to Blockbuster CEO John Antioco: Netflix would run Blockbuster's online brand, and Blockbuster would promote Netflix in its stores. The asking price was $50 million. Antioco reportedly laughed them out of the room. By 2010, Blockbuster had filed for bankruptcy; by 2023, Netflix was worth over $150 billion. The story has become the defining case study of an incumbent dismissing a disruptive competitor.

Source: Hastings & Meyer, No Rules Rules (2020)