Icahn increases investment in Blockbuster
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By Ned Randolph -- Video Business, 11/19/2007
NOV. 19 | Billionaire investor Carl Icahn, who led the effort to replace Blockbuster's former CEO John Antioco, has increased his ownership in the movie rental giant.
A filing with the Securities and Exchange Commission today shows that several of Icahn's funds purchased 1.7 million Class A shares on Friday for $6.2 million, at $3.72 per share.
The purchase boosted Icahn's ownership to 20.6 million Class A shares, which is 16% of all Blockbuster Class A shares. Icahn, who is the largest single shareholder of Blockbuster, also owns 5.6 million Class B shares, which represents a 7.7% stake in Blockbuster's Class B shares.
Antioco, who was replaced by former 7-Eleven head James Keyes, left after a dispute with Icahn over Antioco's salary and costly strategy to take on Netflix in the mail-order subscription space.
Blockbuster shares were trading at $3.92, up by nearly 3%, in late afternoon trading.